tailieunhanh - WORKING PAPER SERIES NO 1332 / APRIL 2011: CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY

Harris Selod is a senior economist with the Development Research Group of the World Bank, on secondment from the French Ministry of Foreign and European Affairs. His current research focuses on land governance, land mar- kets, and the spatial organization of rural, urban, and peri-urban areas in developing countries, with a specific interest in West Africa. He has published on a number of topics in regional and public economics, including theories of squatting and residential informality, the political economy of investments in transport infrastructure, the effects of residential segregation on schooling and unemployment, and the impact of land reforms and place-based policies. Prior to joining the World Bank in. | EUROPEAN CENTRAL BANK EUROSYSTEM NO 1332 I APRIL 2011 CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY by Benjamin Born Michael Ehrmann and Marcel Fratzscher EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1332 I APRIL 2011 CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY 1 by Benjamin Born 2 Michael Ehrmann 3 and Marcel Fratzscher 3 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1804821. We would like to thank for comments Refet Gurkaynak as well as participants at seminars at Bonn University HEI Geneva the BIS FU Berlin University of St. Gallen the ECB and the Bank of England the 2010 Konstanz Seminar on Monetary Theory and Policy the 2010 Finlawmetrics conference the University of Munster Viessmann European Research Centre NBP conference Heterogeneous Nations and Globalized Financial Markets New Challenges for Central Banks the CEPR ESI 14 Annual Conference and the BoK-BIS Conference on Macroprudential Regulation and Policy. We are also grateful to a large number of colleagues in various central banks for their help in identifying the release dates of Financial Stability Reports. Earlier versions of this paper have been circulated under the title Macroprudential policy and central bank communication . This paper presents the authors personal opinions and does not necessarily reflect the views of the European Central Bank. 2 University of Bonn e-mail bborn@ 3 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany e-mail and European Central Bank 2011 Address Kaiserstrasse 29 .