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Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...
Persistent link: https://www.econbiz.de/10011997441
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …
Persistent link: https://www.econbiz.de/10011663996
Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy …
Persistent link: https://www.econbiz.de/10011637411
Why do long-run interest rates respond to central bank communication? Whereas existing explanations imply a common set …-run rates and operate primarily through the term premium. This suggests communication plays an important role in shaping …
Persistent link: https://www.econbiz.de/10012150121
Word embeddings are vectors of real numbers associated with words, designed to capture semantic and syntactic similarity between the words in a corpus of text. We estimate the word embeddings of the European Central Bank's introductory statements at monetary policy press conferences by using a...
Persistent link: https://www.econbiz.de/10015340280
. 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/10013329414
decision-makers, and that attributed communication can mitigate some of their effects. …
Persistent link: https://www.econbiz.de/10014380707
, which sought their views on monetary policy communication practices, the related challenges and the road ahead. Pronounced … view enhancing credibility and trust as the most important objective of central bank communication. They judge … communication with financial markets and experts as extremely important and adequate, but see substantial room for improvement in …
Persistent link: https://www.econbiz.de/10012705527
Central banks have intensified their communication with non-experts - an endeavour which some have argued is bound to … fail. This paper studies English and German Twitter traffic about the ECB to understand whether its communication is … received by non-experts and how it affects their views. It shows that Twitter traffic is responsive to ECB communication, also …
Persistent link: https://www.econbiz.de/10012627889
Persistent link: https://www.econbiz.de/10012547590