reflect contemporaneous information about bank riskin the United States and in Europe.2 In our study, we firstexamine the …

In an overlapping generations maximization framework with consumers, whose information on uncertain future income …

We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct … revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of … transmitting information have very different consequences. Since the objectives of the Central Bank and those of individual …

strongly to predictable marginal cost changes, as expected from the Mankiw and Reis (2002) Sticky Information Model. We �nd …

substantial additional information to financial markets beyond that contained in the monetary policy decisions, and that the … information content is closely linked to the characteristics of the decisions. Press conferences indeed have on average had larger …

dollar. The findings suggest that communication hinting at a weakening of EMEs’ US dollar focus contributed substantially to … more cautious in their communication more recently. Overall, the results underscore the growing systemic importance of EMEs …

such communication has the ability to move financial markets. The findings suggest that communication is generally seen as … so prior to interest rate changes. At the same time, markets react more strongly to communication prior to policy changes …. Other instances where communication becomes more intense, or where financial markets become more responsive are also …

information precisely when it is sought after intensely. However, imposing such a limit to communication has often been justified …Despite substantial differences in monetary policy and communication strategies, many central banks share the practice … of purdah, a self-imposed guideline of abstaining from communication around policy meetings or other important events …