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Stephen Cecchetti、FTでFedのcommunication strategyを議論する

 Stephen CecchettiがFinancial TimesにおけるBanks tiptoe through an etymological minefield (subscription必要)を読んだ。Cecchetiによれば、現在の100単語程度の発表と、次回のミーティングの後の議事録の発表という組み合わせが、Fedのcommunication strategyとして良くないという。それでは、他の国はどうかというと、、、

From looking at other central banks' strategies, there seem to be two natural possibilities. First is the Bank of England strategy of publishing a short announcement of the interest rate decision, followed two weeks later by minutes of the monetary policy committee's meeting. By contrast, the European Central Bank issues a lengthy statement of more than 1,000 words after each policy meeting and then the president and vice-president hold a news conference.

 同様に日銀を区分けしてみると、非常に短い結果報告+当日の総裁の記者会見+短めの議事録要旨、となるかしら。とにかく、Cecchetiの結論はこうでした。

The point is that the FOMC'S 100-word statement is the worst option at times we most need insight. It seems much less risky to use more words than fewer to give that insight - in other words, to dilute the impact of individual words. Earlier release of the meeting minutes would do exactly that.

 Cecchetiの議論を日銀にあてはめると、総裁の記者会見が日銀のcommunication strategyとして重要ということになりますでしょうか。

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