expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional … forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies. It … finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of …

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 …. This practice is remarkable, as it seems to contradict the virtue of transparency by requiring central banks to withhold …

to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the … indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …

Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public … inflation environment, and that the media’s coverage of decisions is generally highly responsive to ECB communication – in …

Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of … the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and … Svensson (2006). First, the paper finds that the precision of communication is a key determinant of the predictability of both …

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 …

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it … written in this decade. We survey this evergrowing literature. The evidence suggests that communication can be an important …

potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of …In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple … information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In …