Effective Monetary Policy Communication: The Role of the Message, Medium, and Messenger 25.11.2022
The Czech National Bank and Czech Economic Society would like to invite you to a seminar on Effective Monetary Policy Communication: The Role of the Message, Medium, and Messenger by Professor Michael Weber (University of Chicago).
The seminar will be chaired by CNB Deputy Governor Marek Mora and take place at the CNB Congress Centre, Senovážné náměstí 30, Prague 1 on Friday, 25 November 2022 at 10.00 a.m.
You can also find the invitation attached. If you have not registered to attend the CES´s biennial conference, please confirm your attendance by 23 November 2022 at the latest by filling in the registration form https://www.cnb.cz/en/public/media-service/speeches-conferences-seminars/selected-conferences-organized-by-the-cnb/cnb-and-ces-seminar-2022/ available on the CNB website.
Inflation expectations of households and firms are central determinants in all dynamic macro models. Yet, empirical evidence suggests these decision makers form expectations in a way that deviates from the assumptions in these models: on average, inflation expectations are biased upwards, are substantially dispersed across individuals, and co-move strongly with the prices of selected goods such as milk or gas. In this talk, I discuss several stylized facts on subjective inflation expectations, their determinants, and how inflation expectations shape individuals’ consumption, savings, and investment decisions. Finally, I review the recent literature on how central banks should communicate with the general public and highlight the role of the policy message, the messenger, and the medium for the effectiveness of central bank communication.