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Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...
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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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country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large … set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors … and dispersion. …
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