The paper shows that central bank communication is a key determinant of the market's ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...

On 27-29 June 2005, the BIS held its fourth Annual Conference on Past and Future of Central Bank Cooperation, as part of the Bank's 75th anniversary celebrations. The event brought together some 80 senior representatives of central banks, academic institutions and the private sector to exchange...