중앙은행과 금융부문의 커뮤니케이션: 이론적 관점과 한국은행의 경험

Recently, as the role of central bank communication in enhancing monetary policy transparency and central bank reliability has attracted much attentions, the importance of central bank communication in monetary policy implementation has emerged significantly. This study examines the theoretical perspectives on central bank communications, and the historical changes and current status of central bank communications by the Bank of Korea in the Korean market. Particularly, we empirically analyse the effects of the Bank of Korea's communication activities on the financial markets. The results of the empirical analysis are as follows. First, the announcement of the Bank of Korea's base rate decision significantly affects the short-term interest rate on the day of the announcement, but the influence is not significant in the case of long-term interest rates and stock prices. Second, the disclosure of the minutes of the Monetary Policy Committee determining the base rate, does not significantly affect the price variables of the financial markets. Third, the impact of the base rate decision announcements on the short-term rate, varies for the level of economic policy uncertainty. Specifically, the impacts of the base rate change announcements during the period with higher uncertainty are greater than those during the period with lower uncertainty. This study examines the central bank communications in the Korean market from a theoretical and empirical perspective and is expected to serve as the basis for related future researches.