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's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price …
Persistent link: https://www.econbiz.de/10012244764
We study whether firms' expectations react to the Bank of England's monetary policy announcements by comparing the responses to the Decision Maker Panel (DMP) survey filed immediately before and after a Monetary Policy Committee (MPC) meeting. On the one hand, we find that firms' expectations...
Persistent link: https://www.econbiz.de/10014233608
We study how different forms of communication influence the inflation expectations of individuals in a randomized …
Persistent link: https://www.econbiz.de/10011958866
Using the microdata of the Michigan Survey of Consumers, we evaluate whether U.S. consumers form macroeconomic …, consistency with respect to all three concepts is affected by changes in the communication policy of the Fed, where the strongest …
Persistent link: https://www.econbiz.de/10010420562
Using the microdata of the Michigan Survey of Consumers, we evaluate whether U.S. consumers form macroeconomic … higher than 2%. Moreover, consistency with respect to all three concepts is affected by changes in the communication policy …
Persistent link: https://www.econbiz.de/10010420862
Using the microdata of the Michigan Survey of Consumers, we evaluate whether U.S. consumers form macroeconomic … higher than 2%. Moreover, consistency with respect to all three concepts is affected by changes in the communication policy …
Persistent link: https://www.econbiz.de/10010743503
Using the microdata of the Michigan Survey of Consumers, we evaluate whether U.S. consumers form macroeconomic …, consistency with respect to all three concepts is affected by changes in the communication policy of the Fed, where the strongest …
Persistent link: https://www.econbiz.de/10010706321
This paper presents novel causal evidence on the relationship between various communication channels employed by … communication matters, holding the target message constant: Relative to a text transcript, audiovisual mediums (audio, photograph …
Persistent link: https://www.econbiz.de/10014471991
We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, the optimal forward guidance policy makes large front-loaded promises to...
Persistent link: https://www.econbiz.de/10013214045
need to correct the estimation of indicators of economic uncertainty. The indicators were constructed from textual data … Pandemic) in its word list. Initial results show that there is a significant effect of COVID-19 on the estimation of the … extreme events. Moreover, failing to take conjunctural issues into account throughout the estimation process can result in …
Persistent link: https://www.econbiz.de/10014281527