export markets. To date, the analysis of demand factors has received much less attention. We propose a new model where …

The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary … policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of …, individualistic communication regarding the economic outlook is found to be beneficial for the Federal Reserve, enabling market …

potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of … information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In …

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it … written in this decade. We survey this evergrowing literature. The evidence suggests that communication can be an important …

financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. JEL …

Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public … inflation environment, and that the media’s coverage of decisions is generally highly responsive to ECB communication – in …

The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates … evidence that communication and actual interventions tend to be successful in moving exchange rates in the desired direction …