Showing 1 - 10 of 2,564
. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and … how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence …
Persistent link: https://www.econbiz.de/10013334494
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 …
Persistent link: https://www.econbiz.de/10012482494
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 …
Persistent link: https://www.econbiz.de/10012466773
Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the...
Persistent link: https://www.econbiz.de/10013477243
We introduce FDIF, a measure of Fed communication surprise based on the text of FOMC statements. FDIF measures the …
Persistent link: https://www.econbiz.de/10013334428
holders in many countries a significant fraction of income annually. We test whether targeted communication can reduce the … results illustrate that targeted central bank communication such as refinancing reminders could have a larger effect on …
Persistent link: https://www.econbiz.de/10014247964
We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why markets react to central bank communications. We find that...
Persistent link: https://www.econbiz.de/10013210100
We show that firms' nominal required returns to capital (i.e., their discount rates) are sticky with respect to expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real discount rates and thereby raise real investment. We...
Persistent link: https://www.econbiz.de/10014512092
This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China, and...
Persistent link: https://www.econbiz.de/10014544777
framed in terms of inflation rates than price levels. Central bank communication significantly improves the performance of …
Persistent link: https://www.econbiz.de/10013435092