Toma de decisiones y comunicación de la política monetaria bajo alta incertidumbre: el caso de Costa Rica

Abstract

This essay is part of a research agenda developed within the framework of the Consultative Group on Monetary Policy (CGMP) of the Bank for International Settlements (BIS), which documents lessons learned by central banks in the Americas and other emerging market economies following recent episodes of heightened uncertainty. The agenda draws on survey evidence, analytical frameworks and institutional experiences to examine monetary policy decision-making and communication in highly uncertain environments. The essay describes the approach of the Central Bank of Costa Rica to incorporating uncertainty into macroeconomic analysis, risk assessment and monetary policy communication, and provides evidence on how analytical frameworks, decision-making processes and communication strategies have been adapted in an environment of elevated volatility and increased macroeconomic complexity.