communicated might matter. In a controlled field experiment, we study a minimally invasive change in the communication of a well …

supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such … communication will affect financial markets, exploiting the fact that many central banks have had some financial stability role in … times, but can have a substantially larger effect during periods of financial stress. Moreover, central bank communication …

in quantity and quality of output. We use data from a controlled field experiment that changed the communication of the …