• 1. The background: why communicate?
  • Reasons for communication
  • Limits to communication
  • Communication is not commitment
  • 2. What to communicate
  • Objectives and strategy
  • Policy Decisions
  • The economic outlook
  • The path of future policy rates
  • 3. How to communicate
  • Communication by committees
  • Communication by individual committee members
  • 4. Short-term predictability: Impacts on financial markets
  • Predicting the next monetary policy decision
  • Which forms of central bank communication matter?
  • Clarity and uncertainty in central bank communication
  • 5. Longer-term predictability: anchoring inflation expectations
  • 6. So what do we really know (and not know)?
  • 7. Toward optimal central bank communication policies