Monetary policy in the euro area is conducted within a multicountry, multicultural, and multilingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the European Central...

Presentation at a conference celebrating Professor Rachel McCulloch, Brandeis University, Waltham, Massachusetts, June 15, 2007 ; Panel discussion: The State of the Global Economy / Current International Economic Policy

There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...

There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...

Presentation at a conference celebrating Professor Rachel McCulloch, Brandeis University, Waltham, Massachusetts, June 15, 2007 ; Panel discussion: The State of the Global Economy / Current International Economic Policy