5, pp1521–1534; Dale, Orphanides and Osterholm (2011), “Imperfect central bank communication: information versus distraction”, International Journal of Central Banking, Vol.7, No. 2, pp 3–39, June 2011. 9  This issue is discussed in: Mishkin (2004), “Can central bank transparency go too far?”, NBER Working Paper 10829; Goodhart (2009), “The interest rate conditioning assumption”, International Journal of Central banking, Vol.
I am sure many, if not all of you, have heard of central banks lowering their policy rates to negative territory, of quantitative easing (QE), and of macroprudential measures. In reality, the central banker’s tool box now contains other implements beyond the traditional interest rate and on-site supervision. But, I am getting ahead of myself here.