Philip R. Lane: The science and practice of monetary policy communication: the ECB experience

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Monetary policy is about more than just the latest interest rate decision. It also involves communication about future economic developments and the factors shaping future policy decisions. [ 1 ] By steering the expectations of financial market participants, central bank communication shapes the full set of financial market prices across the maturity and risk spectrums, in turn affecting financing conditions and decisions around credit, saving and investment. The decisions of households and firms are also affected by their beliefs about monetary policy, which depend on how the central bank communicates. [ 2 ] I will divide this speech into two parts.