Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …

(ii) a large divergence of tone after 2009. The ECB communication becomes persistently more optimistic and less uncertain …-term interest rates respond less strongly to a monetary policy shock if ECB-Bundesbank communication is more cacophonous than on …