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Communications as a Policy Tool

By Gerry Rice and Olga Stankova عربي, 中文, Español, Русский When it comes to forging economic policy, communicating with the public is no longer an afterthought. Instead, communications are increasingly seen as a policy tool in itself. To be sure, communications can never be a substitute for good policies. But economic reforms are more likely to fail or even be reversed unless they are understood, believed, and accepted by those whom they affect. The same principle applies to a wide range of...

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Communications Can Help to Get Financial Stability Off the Ground

By Olga Stankova February 22, 2018  Versions in 中文 (Chinese), Español (Spanish), Português (Portuguese), Русский (Russian) Policy and communications—two wings to fly to success (photo: iStock by Getty Images) When the capacity to communicate effectively on financial stability policies is not there, it is like trying to fly a plane with one wing missing. It takes more than sound policy making. Communications is an essential part of the job. Following the global financial crisis, many...

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Chart of the Week: The Productivity Puzzle

By iMFdirect Technological change seems to be happening faster than ever. The prospect of driverless cars, robot lawyers, and 3D-printed human organs becoming commonplace suggests a new wave of technological progress.  These advances should raise our standard of living by producing more goods and services with less capital and fewer hours of work—that is, by being more productive. But, to paraphrase Nobel laureate Robert Solow, we can see it everywhere but in the productivity statistics. The...

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Yellen’s comms adviser: more press briefings

Andrew Levin, a Fed staffer who worked extensively on Janet Yellen’s communication reforms when she was vice-chair, sets out a set of principles for central bank communications in a paper at today’s Hoover central banking conference. He calls for press conferences after every Fed meeting and a quarterly, Bank of England-style monetary policy report. Mr Levin is currently at the IMF but this a direction many Fed officials want to go. Here are Mr Levin’s principles, with my highlights in bold,...

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