central bank's best forecast of inflation, output, and the instrument rate is argued to be the most effective way to manage …

The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information à … determinacy in the associated full-information, flex-price equivalent. The analysis follows from boundedness considerations on the …

We analyse German citizens' knowledge about monetary policy and the European Central Bank (ECB), as well as the public …'s use of mass communication media to obtain information about the ECB. We employ a unique representative public opinion …

This paper argues that assuming a common information set shared by the public and the central bank may be inappropriate … when one is concerned with the value of information itself. Specifically, we argue that it may lead one to draw the … optimal discretionary monetary policy, where we allow for partial and diverse information. The model is used to show that …

Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances …

-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it … and powerful part of the central bank’s toolkit since it has the ability to move financial markets, to enhance the …

trust and central-bank independence. Our empirical findings, based on data from 149 countries, confirm that there is such a … of reform and the ability with which it can be implemented. At low trust levels, the need for central-bank independence …