Through a Crystal Ball Darkly: The Future of Monetary Policy Communication

Abstract

I make six predictions about the future of central bank communication about monetary policy. Some are made with great confidence, like: transparency will increase over time. Others are far riskier, like: attempts to communicate with the general public, though laudable, will fail. I also suggest ways in which the so-called cacophony problem on monetary policy committees (speaking with too many voices) can be mitigated.