Carotta, Gianni; Mello Costa, Miguel; Ponce, Jorge - In: Latin American journal of central banking : LAJCB 4 (2023) 3, pp. 1-17
construct a new indicator of the perceived tone of monetary policy communication that complements traditional indicators of the … effective tone. Both have the expected negative sign and are statistically significant in panel data regressions with firms … expectations. We also compute readability and perspicuity indicators of the communications. Better readability of monetary policy …