Listen: Jamaica Central Bank, Jamaica, Bank Of Jamaica discussed on All Things Considered
"The Bank of Jamaica. Jamir. In contrast. Darrien woods from our planet. Money podcast tells us how Jamaica found a creative solution to an age old problem for central bankers. Here's the problem keeping price inflation low. Jamaica has struggled with inflation over the years. The Korean nation started printing its own currency in the nineteen sixties since then the Jamaican dollar has lost more and more of its value in the nineteen ninety s price inflation even got past seventy percent annually. We all know this is bad in the past few years. Inflation has come down and the central Bank wants it to stay that way. But an important part of keeping it down means convincing everyday Jamaicans that it's gonna stay down. It's a public relations problem. My name is Toni Morrison teddy Marcin, he's the head of public relations for Jamaica central Bank. And he knows inflation is fueled by this virtuous or vicious cycle. If people think prices going to rise a lot they'll spend their money faster further speeding up inflation. If they think inflation will be low that in itself will help slow inflation, economists, call this. Anchoring inflation expectations. So last year Morrison was thinking about this problem. One more dry speech from the bank's governor wasn't gonna cut it. He had a different idea and extremely catchy song. What are those annoying song that you hear in the morning, and then you find it servicing? It's an evening. See I find it annoying. But then you find you can't get it out of your head. Is that the go quickly? So he brought this idea a song that sticks to the deputy governor of the Bank one of the most important economists in Jamaica, he found it hilarious when I first shooting laughing laughing not quite direction he wanted. But wait a second. The economist said this is really important this one is so important that it has to be has to be bigger than anything. Before Marson wrote a thirty page plan. Got the minister of finances approval heathen showed it to the International Monetary Fund. Then he hides a musicians and made."