In recent years we have witnessed a growing trend in cashless transactions as well as products and services sold exclusively in this way. Also, after the onset of the global financial crisis, private crypto currencies appeared that have raised some concerns. All of these changes beg the question...

Modern central banks increasingly value monetary policy transparency, and attempt to build credibility by communicating their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy...