著者

北野 友士

出版者

桃山学院大学

雑誌

桃山学院大学経済経営論集 = ST.ANDREW'S UNIVERSITY ECONOMIC AND BUSINESS REVIEW (ISSN:02869721)

巻号頁・発行日

vol.60, no.1, pp.47-64, 2018-07-30

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A central bank’s forward guidance is an important instrument as anunconventional monetary policy. If households and businesses form aninflation expectation along with the guidance, they could appropriatelyallocate resources along a time axis. However, as is known, the public doesnot always act in an economically rational manner, because of status quobias or other factors. In other words, a communication strategy by acentral bank should consider the public’s financial literacy or capability.Thus, this paper reviews the current status of and issues concerning thecommunication strategy of the Bank of England, because the Bank alreadyuses forward guidance and has several outreach programs. Theimplications of the Bank’s efforts can be summarized by two key points.First, forward guidance in the UK is considered to work as a tool for“price-level targeting.” Second, as part of its communication strategy, theBank has recently been trying to engage in layered “communication,”“conversation” with the public, and “education” in schools. This recognizesthe importance of “understanding” and “trust” from the public in order forcentral banks to maintain price stability.