The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...

In this paper, we perform a statistical analysis of the forecasting properties of Norges Bank's macroeconomic forecasts in the period 1998 - 2019. As a part of the analysis we assess Norges Bank's forecasts against similar forecasts by Statistics Norway and forecasts from simple models. The...

The paper shows that there is a substantial degree of heterogeneity in the ability of Fed watchers to forecast US monetary policy decisions. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the...