Discussion Paper Details

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Title: The 3 E's of Central Bank Communication with the Public

Author(s): Andrew Haldane, Alistair Macaulay and Michael McMahon

Publication Date: January 2020

Keyword(s): communication, General Public and monetary policy

Programme Area(s): Monetary Economics and Fluctuations

Abstract: In this paper we explore both theoretical and empirical evidence on communication with the general public. The model provides guidance for policy makers by high- lighting some potentially important risks in communicating simply with a broader audience. In particular, in a model where trust and engagement are low, there are benefits to engaging a wider audience. But doing so risks ultimately lowering welfare unless guided by the 3 E's of public communication: Explanation, Engagement and Education. Central banks have made great strides in all three, but numerous challenges remain.

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Bibliographic Reference

Haldane, A, Macaulay, A and McMahon, M. 2020. 'The 3 E's of Central Bank Communication with the Public'. London, Centre for Economic Policy Research.