This paper analyzes the monetary policy of the Federal Reserve (Fed) and the Bank of England (BoE) both before and after the global financial crisis. In contrast to extant literature, we use a Bayesian model averaging (BMA) approach that does not rely on one underlying empirical model but...

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...