The Bank of Jamaica communication videos of reggae stars singing about inflation targets are among the more unusual central bank communication strategies being studied by the Bank of England.
A working paper co-authored by chief economist, Andy Haldane, published last week found that engaging with a broader audience through “simplified communication may, alone, be necessary but not sufficient”, Instead, the economists said that complementary efforts in engagement and education are required.
The public backlash from the financial crisis and the more complex policy tools that followed have prompted central banks across the globe to take a closer look at how they present their strategies.
Previous research by the Bank of England economists has found the language used in their reports and speeches are too complex.
The economists pointed to the impact of efforts such as those of Jamaica’s central bank, which produced a series of videos featuring singers and dancers telling viewers that if inflation is “too high the people have a cry, and if it’s too low the country nah grow.”
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