Periods of heightened uncertainty have challenged central banks in unprecedented ways. The shocks of recent years – from the Covid-19 pandemic and persistent inflation to volatile financial conditions and geopolitical tensions – have tested the resilience of monetary policy frameworks and the agility of policy responses worldwide. Against this backdrop, central banks have reassessed their analytical tools, decision-making processes and communication strategies to ensure the continued effectiveness and credibility of monetary policy.
This volume provides a comprehensive view of how central banks have navigated uncertainty in recent times. Drawing on both survey-based evidence and in-depth case studies from 10 individual central banks, the chapters explore the evolving role of scenario analysis, the integration of high-frequency data and expert judgment, and the increasing importance of transparent and adaptive communication.