Abstract
Central banks’ communication journey has evolved from an era of mystery to an era of transparency, openness, and accountability, leading monetary policy communication to become a distinct tool for monetary policy implementation.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Bholat D, Hansen S, Santos P, Schonhardt-Bailey C (2015) Text mining for central banks. Available at SSRN 2624811
Blinder AS (1998) Central banking in theory and practice. MIT Press, Cambridge, MA
Blinder AS (2008) Monetary policy by committee: Why and How? Eur J Polit Econ 23(1):106–123
Born B, Ehrmann M, Fratzscher M (2013) Central Bank communication on financial stability. Econ J 124:701–734
Bruno G (2016) Text mining and sentiment extraction in central bank documents. In: 2016 IEEE international conference on big data (big data). IEEE, pp 1700–1708
Calvo GA (1978) On the time consistency of optimal policy in a monetary economy. Econometrica 46(6):1411–1428
Cecchetti SG (1999) Legal structure, financial structure, and the monetary policy transmission mechanism. Federal Reserve Bank New York Econ Policy Rev 5(2):9–28
Cecchetti SG, Schoenholtz K (2019) Improving U.S. monetary policy communications. CEPR Discussion Papers 13915, C.E.P.R. Discussion Papers
De Haan J, Jansen D-J (2007) The importance of being vigilant: has ECB communication influenced Euro area inflation expectations? CESifo Working Paper 2134
Filardo A (2008) Transparency and communication in monetary policy: a survey of Asian Central Banks. Bank for International Settlements, Basel
FINSCOP (2020) Financial inclusion in Rwanda. Access to Finance, Kigali
Haan D, Jakob FA, Waller S (2004) The transparency and credibility of the European Central Bank. J Common Mark Stud 42(4):775–794
Haldane A, McMahon M (2018) Central Bank communications and the general public. In: AEA papers and proceedings, vol 108, May 2018, pp 578–83
Issing O (2005) Communication, transparency, accountability: monetary policy in the twenty first century. Federal Reserve Bank St. Louis Rev 65–83
Kahveci E, Odabas A (2016) Central bank’s communication strategy and content analysis of monetary policy statements: the case of Fed, ECB and CBRT. Procedia-Soc Behav Sci 235:618–629
Karangwa M et al (2017) Impact of Central Bank communication on effectiveness of monetary policy in Rwanda. NBR Econ Rev 11
Knutter R, Mohr B, Wagner H (2011) The effects of Central Bank communication on financial stability: a systematization of the empirical evidence. University of Hagen Discussion Paper, p 463
Kryvtsov O, Petersen L (2013) Expectations and monetary policy: experimental evidence. Bank of Canada Working Paper 2013-44
Kydland, Prescot (1977) Rules rather than discretion: the inconsistency of optimal plans. J Political Econ 85(3)
Luangaram P, Wong-Wachara W (2017) More than words: a textual analysis of monetary policy communication. PIER Discussion Papers 54
Mishkin FS (2000) What should central banks do? Homer Jones Lecture, Federal Reserve Bank of St. Louis, 30 March 2000
Mishkin FS (2004) The economics of money, banking, and financial markets, 7th edn. Pearson, Addison Wesley, Boston
Nier E (2009) Financial stability frameworks and the role of Central Banks: lessons from the crisis. IMF Working Paper 09/70
Nyalihama C et al (2018) Central Bank communication as a policy tool under the price based monetary policy. NBR Econ Rev 13
Park KY, Lee Y, Kim S (2019) Deciphering monetary policy board minutes through text mining approach: the case of Korea. Bank of Korea Working Paper
Powell JH (2019) Speech, challenges for monetary policy, at the challenges for monetary policy symposium, sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming. August 23, 2019
Shapiro AH, Wilson D (2019) Taking the feds at its word: direct estimation of central bank objectives using text analytics. Federal Reserve Bank of San Francisco Working Paper 2019-02
Shirota Y, Hashimoto T, Sakura T (2015) Topic extraction analysis for monetary policy minutes of Japan in 2014. In: Industrial conference on data mining. Springer, pp 141–152
Tsuji C (2016) Did the expectations channel work? Evidence from quantitative easing in Japan, 2001–06. Cogent Econ Financ 2016(4):1210996
Woodford M (2005) Central Bank communication and policy effectiveness. NBER Working Paper No. 11898 Issued in December 2005
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2021 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
About this chapter
Cite this chapter
Rusuhuzwa, T.K. (2021). Monetary Policy Communication at the National Bank of Rwanda. In: Monetary Policy in Rwanda. Frontiers in African Business Research. Springer, Singapore. https://doi.org/10.1007/978-981-33-6746-3_5
Download citation
DOI: https://doi.org/10.1007/978-981-33-6746-3_5
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-33-6745-6
Online ISBN: 978-981-33-6746-3
eBook Packages: Economics and FinanceEconomics and Finance (R0)