Detmers, Gunda-Alexandra; Nautz, Dieter - 2014 - This version: May 13, 2014
interest rate uncertainty. Confirming the stabilizing effect of fresh central bank announcements, we show that interest rate … expectations deviate from the rate projected by the central bank. Counterfactual analysis suggests that the efficiency of … projections would improve if the central bank updated its projection whenever it becomes stale. …