This paper explores the role of uncertain government preferences for fiscal and monetary policy interaction. Our analysis shows that the uncertainty about government preferences does not affect the macroeconomic equilibrium if the fiscal multiplier is known. In the case of multiplicative...

This paper analyzes the intraday impact of the Bank of Russia's verbal interventions on the Russian stock exchange indices in 2014-2015. We construct a communication index which summarizes the verbal interventions of the Bank of Russia during this period. We use GARCH-modelling on intraday data...