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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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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...
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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 …
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