whether the central bank chooses to buy domestic or foreign assets, thus resulting in transfers either within or between … compensates for losses (the structure of indemnification agreements). Data from the Federal Reserve, the Eurosystem, and the Bank … of England show that maximum annual losses are between 0.3 and 1.5 percent of GDP. By contrast, the Swiss National Bank …

important benefits and is the responsibility of a central bank. Achieving price stability in a complex and uncertain environment … overheating economy. Associated challenges imply that central bank communication and transparency are key elements of monetary …

and how adjustments occur during tightening phases. Central bank credibility is the one measure we assess that corresponds …

. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and …