-section of individual bank portfolio decisions. For this purpose, an augmented version of the DSGE model of Gertler and Karadi … (2013), featuring a segmented banking sector, is estimated for the euro area and combined with a bank portfolio optimisation … approach using granular bank level data. An important feature of our modelling approach is that it captures the heterogeneity …

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 … strategy amid a collegial approach to decision-making, while the Bank of England is using a collegial communication strategy …

the ECB’s monetary policy is fully comparable (and sometimes slightly better) to that of the FED and the Bank of England …

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 … the diversity of views on the economic outlook that enhance the effectiveness of central bank communication. …

inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model … simply trust that the central bank will deliver its pre-announced inflation objective. …

Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances …