RBA Annual Conference – 2024 Central Bank Communications

Final versions of the Conference papers and discussion will be published at a later date.

The Reserve Bank of Australia's annual research conference brought together senior central bankers; economists from think tanks, the public and private sectors; and academics to look at central bank communications. This included consideration of past and current challenges, increasing transparency and the possible future evolution of communications of central banks, around the world. The conference concluded with a Panel Discussion that considered the unique perspectives and experiences of a number of central bank Heads of Communications.

The Conference was conducted under the Chatham House rule.

Draft Papers

Session One: How Do Central Banks Communicate?

• Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation (this paper is not available)
  (presentation) 3.1MB
  Presenter: Michael McMahon, University of Oxford
• Discussant: Bruce Preston, University of New South Wales
• 20 Years of Central Bank Communications, and Lessons for the Future
  (presentation) 1.26MB
  Presenter: Jill Vardy, Bank of Canada
  Download 219KB
• Discussant: Ben Wang, Macquarie University
• Perspectives from a Consumer of Central Bank Communication
  (presentation) 246KB
  Presenter: Sally Auld, JBWere
  Download 289KB
• Discussant: Jens Iversen, Sveriges Riksbank

Session Two: The Effectiveness of Central Bank Communications

• Trust in Central Banks
  (presentation) 661KB
  Presenter: Michael Ehrmann, European Central Bank
  Download 340KB
• Discussant: Luba Petersen, Simon Fraser University
• The Causal Effects of Inflation Expectations on Households' Beliefs and Actions
  (presentation) 1.91MB
  Presenter: Olivier Coibion, University of Texas at Austin
  Download 777KB
• Discussant: Paul Conway, Reserve Bank of New Zealand

Session Three: The Evolution of Central Bank Communications

• The Evolution of Central Bank Communications
  (presentation) 2.9MB
  Presenter: Michael Stutchbury, The Australian Financial Review
  Download 1.3MB
• Discussant: Marianne Sturød, Norges Bank
• Central Bank Communication of Uncertainty
  (presentation) 1.14MB
  Presenter: Klodiana Istrefi, Banque de France
• Discussant: Dominic Jones, Reserve Bank of Australia

Session Four: Panel Discussion

• Panel on Central Bank Communications (summary to be published at a later date, along with final versions of papers and discussions)
  Moderator: Jill Forde, Bank for International Settlements
  Panellist: Sally Cray, Reserve Bank of Australia
  Panellist: Rhonda Lam, Hong Kong Monetary Authority
  Panellist: Naomi Mitchell, Reserve Bank of New Zealand
  Panellist: Annie Portelance, Bank of Canada