communication is reduced during the financial crisis. …

statements. We also show state dependence in the average stock returns on days of scheduled FOMC meetings and in the impact of …

We use firm-level data to reexamine the issue of possibly different impacts of “informative” and “uninformative” FOMC … monetary shocks based on the informative FOMC statements; there is little evidence to show that stock returns respond to …

We introduce FDIF, a measure of Fed communication surprise based on the text of FOMC statements. FDIF measures the ….g., credit spreads) is associated with negative macroeconomic forecast revisions; the opposite holds for procyclical variables …. Industries that hedge bad FDIF news earn low returns on FOMC announcement days, but high returns on non-FOMC days. The opposite …

exclusively upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC …) meetings during 1979. We then present and discuss in detail the reasons for the FOMC’s adoption of the reform and the … inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist …