to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the …

The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central … Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking … process in the committee. The paper shows that the Federal Reserve has been pursuing a rather individualistic communication …

The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates … evidence that communication and actual interventions tend to be successful in moving exchange rates in the desired direction …

The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary … policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of …, individualistic communication regarding the economic outlook is found to be beneficial for the Federal Reserve, enabling market …

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 …

financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. …

Svensson (2006). First, the paper finds that the precision of communication is a key determinant of the predictability of both … FOMC decisions as well as the future policy path. Second, the effectiveness of communication is found to depend on the … communication to be flexible and adjust to market conditions in order for central banks to achieve their ultimate objectives. …

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 … information precisely when it is sought after intensely. However, imposing such a limit to communication has often been justified …