Template-Type: ReDIF-Article 1.0
Author-Name: Sarah Bell
Author-Name: Matthieu Chavaz
Author-Name: Boris Hofmann
Author-Name: Daniel Rees
Author-Name: Matthias Rottner
Title: Evolving approaches to monetary policy communication in the face of uncertainty: fan charts, scenarios and guidance
Abstract: The elevated and rapidly shifting nature of uncertainty in recent years has posed challenges for central bank communication. In particular, central banks have had to reconsider how to communicate the economic outlook and the monetary policy response. They have expanded their communications toolkit to explain uncertainty about the outlook and are increasingly using scenario analysis to complement traditional tools like fan charts and qualitative risk discussions. Fewer central banks are providing descriptive policy guidance; instead more are publishing their own policy rate projections, often in the context of alternative scenarios.
Journal: BIS Quarterly Review
File-URL: https://www.bis.org/publ/qtrpdf/r_qt2603b.pdf
File-Format: Application/pdf
File-URL: https://www.bis.org/publ/qtrpdf/r_qt2603b.htm
File-Format: text/html
Year: 2026
Month: March
Classification-JEL: D81, E17, E58
Handle: RePEc:bis:bisqtr:2603b