We study how different forms of communication influence the inflation expectations of individuals in a randomized …

talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States … based on text analysis with regularized regressions. We find strong evidence for systematic communication rules that vary …'s communication rule and use it to investigate how much of the disagreement between the market and the Fed come from disagreement …

Does the Federal Reserve follow a communication rule? We propose a simple framework to estimate communication rules … communication rules that vary over time, with changes in the rule often being associated with changes in the economic environment …. We also find that shifts in communication rules increase disagreement among professional forecasters and correlate with …

, consistency with respect to all three concepts is affected by changes in the communication policy of the Fed, where the strongest …