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Central Bank Public Relations

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Role of Public Relations – Central Banks case
Enri Herri , MSc

Abstract
The days when the central banks were reclusive, closed institutions administering interest rates to try to surprise markets are long gone. One of the main goals of a responsible central bank now is to have reliable communication guiding expectations in a rapidly changing environment. Central bank communication has become a vital element of policy making as well as expectations management, indeed of crisis resolution itself. In the digital age, the prevalence of real-time economic news has led markets to expect up-to-the minute and detailed information on central bank policy. This article aims to provide the importance of public relations, some theoretical considerations …show more content…

One of the main goals of a responsible central bank nowadays is to have reliable communication guiding expectations in a rapidly changing environment. The past decade has seen central banks embrace talking about their policies and how they arrive at them. Pianalto (2005) noted that the present framework of the central banking communication is designed through responding to the core questions “what to say?”, “how to say?”, and “when to say?”. Referring to many articles published on central banking communication, the role of communication has become increasingly important in the light of central banks that have embraced openness and transparency during approximately the last fifteen …show more content…

By analyzing the 2013 Annual Reports of the central banks of Albania, Serbia, Montenegro, Macedonia and Bosnia and Herzegovina we have found a number of public relations activities used by them during 2013. Commonly used tools of public relations include news releases, press conferences, speaking engagements, financial education, publications, social networks and community service programs.
References

Baskin, O., Aronoff, C. & Lattimore, D. “Public relations: The profession and the practice”. 4th ed. United States. : Brown & Benchmark. 1997

Bernanke, Ben.S. “Inflation expectations and inflation forecasting”. Remarks at the Monetary Economics Workshop of the National Bureau of Economic Research Summer Institute, Cambridge, Massachusetts, 10 July 2007.

Bernays, E. “The New Propagandists” in Propaganda, New York: H. Liverlight,

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