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We study how different forms of communication influence the inflation expectations of individuals in a randomized …
Persistent link: https://www.econbiz.de/10011958866
After the financial crisis of 2008, central banks around the world have increased their communication efforts to reach … role of narratives and preferences and lastly, we survey the research on causal effects of central bank communication on …
Persistent link: https://www.econbiz.de/10014383922
central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President's introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. -- ECB ; central bank ; communication …
Persistent link: https://www.econbiz.de/10003872830
Persistent link: https://www.econbiz.de/10003377200
This paper surveys the literature on the role and effects of central bank communication with the general public … "communication revolution" in central bank communication. The challenges for central bank communication with the public are outlined … evaluate the effects of direct communication, distinguishing between challenges to getting the attention of the public and …
Persistent link: https://www.econbiz.de/10014384011
We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....
Persistent link: https://www.econbiz.de/10010528970
Transparency has become one of the main features of monetary policymaking during the last decade. This paper establishes some stylized facts. In addition, it provides a systematic overview of the practice of monetary policy transparency around the world. It shows much diversity in information...
Persistent link: https://www.econbiz.de/10003204018
Persistent link: https://www.econbiz.de/10003623777
that only include written statements. We interpret our results as implying that central bank communication is important …, but that the exact form of that communication is less critical. Our results are also consistent with market participants …
Persistent link: https://www.econbiz.de/10011926064
Do firms' and consumers' expectations react to central bank announcements? Past literature has come to divergent conclusions, but it has systematically ignored how media treat the announcements. This paper investigates the link between monetary policy announcements and expectations by taking...
Persistent link: https://www.econbiz.de/10014267174