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How much information do monetary policy committees disclose? : evidence from the FOMC's minutes and transcripts

Apel, Mikael; Grimaldi, Marianna; Hull, Isaiah - 2019

The purpose of central bank minutes is to give an account of monetary policy meeting discussions to outside observers, thereby enabling them to draw informed conclusions about future policy. However, minutes are by necessity a shortened and edited representation of a broader discussion....

Persistent link: https://www.econbiz.de/10012123491

The macroeconomic effects of forward communication

Brubakk, Leif; Ellen, Saskia ter; Robstad, Ørjan; Xu, Hong - 2019

This paper provides an empirical assessment of the power of forward guidance at different horizons, shedding new light on the strength of the "forward guidance puzzle". Our identification strategy allows us to disentangle the change in future interest rates stemming from deviations from the...

Persistent link: https://www.econbiz.de/10012214409

Central Bank Communication and Social Media : From Silence to Twitter

Romelli, Davide; Masciandaro, Donato; Peia, Oana - 2022

This paper discusses the evolution of central bank communication, focusing on recent efforts by central banks to engage with a wider audience via social media. We document the social media presence of major central banks and discuss how analyzing Twitter content by and about monetary policy...

Persistent link: https://www.econbiz.de/10014238784

Seeing and hearing is believing : the role of audiovisual communication in shaping inflation expectations

Ash, Elliott; Mikosch, Heiner; Perakis, Alexis; … - 2024

This paper presents novel causal evidence on the relationship between various communication channels employed by central banks and households' expectations about future inflation. In a pre-registered randomized survey experiment administered in 2022, we examine adjustment of inflation...

Persistent link: https://www.econbiz.de/10014471991

Artificial intelligence and central bank communication : the case of the ECB

Fanta, Nicolas; Horváth, Roman - 2023

We examine whether artificial intelligence (AI) can decipher European Central Bank's communication. Employing 1769 inter-meeting verbal communication events of the European Central Bank's Governing Council members, we construct an AI-based indicator evaluating whether communication is leaning...

Persistent link: https://www.econbiz.de/10014424139

Central bank communication by ??? : the economics of public policy leaks

Ehrmann, Michael; Gnan, Phillipp; Rieder, Kilian - 2023

Leaks of confidential information emanating from public institutions have been the focus of a long-standing line of research. Yet, their determinants as well as their potential impact on public views and on policy effectiveness remain elusive. To address this gap, we study leaks from central...

Persistent link: https://www.econbiz.de/10014380707

Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …

Persistent link: https://www.econbiz.de/10011419293

Central banks : paradise lost

Issing, Otmar - 2012

Persistent link: https://www.econbiz.de/10009554282

The information content of central bank minutes

Apel, Mikael; Grimaldi, Marianna - 2012

One characteristic feature of central banks today is that policy decisions are almost exclusively made by a committee rather than by a single policy maker. Another is that central banks are considerably more transparent than they used to be. Together, this has brought to the fore an important...

Persistent link: https://www.econbiz.de/10009532244

Monetary policy committee transparency : measurement, determinants, and economic effects

Hayo, Bernd; Mazhar, Ummad - 2011 - This version: 28 September 2011

This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...

Persistent link: https://www.econbiz.de/10009305845