Modern central banks increasingly value monetary policy transparency, and attempt to build credibility by communicating their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy...

Transparency in the work of central banks has become one of the key features of monetary policy. Because of this, many economists have diverted to finding the most suitable way to measure it. Although a unique method of measurement has yet to be achieved, there are various studies in the...

Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets down. This paper studies the information content of different styles of communication from individual central bank policymakers in the...

The effectiveness of monetary policy and the political legitimacy of the Federal Reserve depend on monetary policymakers' ability to communicate with the public, which in turn depends in part on the news media. While the finance and economics literature has investigated select aspects of...

This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have...

The aim of central bank communication is to provide information on monetary policy and the economic outlook in a timely manner to the public. While research on central bank communication and specifically the European Central Bank’s press conference has shown that it has the potential to move...

The aim of central bank communication is to provide information on monetary policy and the economic outlook in a timely manner to the public. While research on central bank communication and specifically the European Central Bank's press conference has shown that it has the potential to move...

In its Monthly Bulletin of November 2002, the European Central Bank (ECB) stated that the monthly press conference held by its President represents one of its most important communication channels and that it provides a comprehensive summary of the policy-relevant assessment of economic...

We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank of Brazil (COPOM), building on the methodology developed by Lucca and Trebbi (2011). Using Google search queries, we measure the extent to which each COPOM statement is perceived...

Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on...