Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication -- mostly empirical, and almost all of it … written in this decade. We survey this ever-growing literature. The evidence suggests that communication can be an important …

This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain … communication strategies are contemplated: i) communicating the precise details of the monetary policy -- that is, the variables and …

communication about future interest rate decisions based on information from the Internet and news sources. We apply the methodology … announcements, whereas longer-dated Treasuries mainly react to changes in policy communication. Using lower frequency data, we find …, we find communication to be a more important determinant of Treasury rates than contemporaneous policy rate decisions …

communication by central banks about their policy decisions, the targets that they seek to achieve through those decisions, and the … central bank's view of the economy's likely future evolution. This paper considers the role of such communication in the …

informal communication – including unattributed communication -- plays a central role in monetary policy communication. This … contrasts with the standard communications framework in which communication should be public and on-the-record because it serves … to ensure accountability and policy effectiveness. I lay out possible benefits of using unattributed communication as an …

particularly relevant as the Fed develops its communication strategy to achieve an orderly exit from its program of quantitative …