be sensitive to monetary policy announcements. The letter reduces the level of expectations and interest rates. … the inflation expectations of experts. Our main results suggest that the NBU's statements and press releases on monetary … policy issues matter. For instance, we find that exchange rate movements and volatility are negatively correlated with the …

monetary policy shock and a negative spillover for a foreign shock. These results hold for conventional and unconventional … impact on monetary policy transmission. …

reserves have risen sharply. The resulting high interest payments to the banks since the turnaround in monetary policy, with … loose monetary policy and must now bear the flip side consequences of the massive expansion of central bank balance sheets … during the necessary period of monetary policy normalisation. …

standard New Keynesian theoretical framework for monetary policy. Using a simulative model, we show that they can materialize …, while in "normal times" the system is resilient to shocks and expectation de-anchoring even with more dovish monetary policy. …