This paper provides an overview of (research on) the communication policies of the ECB. We first compare the communication policies of the ECB and the Fed. Despite many similarities, there are also some differences which in part reflect that both central banks have different objectives. This became more pronounced after both central banks had concluded their monetary policy strategy reviews. Thereafter, we zoom in on forward guidance and discuss recent research on the impact of the ECB’s communications, and recent changes therein as a result of the ECB’s monetary policy strategy review. It is concluded that this review was to a large extent a confirmation of the actual change in the ECB strategy. Due to the rapid increase in inflation that started after the recovery of the COVID-19 pandemic, the review was quickly outdated.

中文翻译：

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欧洲央行沟通政策：概述以及与美联储的比较

本文概述了欧洲央行的沟通政策（研究）。我们首先比较欧洲央行和美联储的沟通政策。尽管有许多相似之处，但也存在一些差异，部分反映了两国央行的目标不同。在两国央行结束货币政策战略审查后，这一点变得更加明显。此后，我们将重点关注前瞻性指引，并讨论有关欧洲央行沟通影响的最新研究，以及欧洲央行货币政策策略审查导致的最新变化。结论是，这次审查在很大程度上确认了欧洲央行策略的实际变化。由于 COVID-19 大流行恢复后开始通货膨胀迅速上升，该审查很快就过时了。