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central banks. Overall, our results suggest that central bank communication contains systematic biases that could lead to …
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consequences of transparency about those mechanisms for credibility are evaluated. …
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consequences of transparency about those mechanisms for credibility are evaluated. …
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(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 …
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