supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such … communication will affect financial markets, exploiting the fact that many central banks have had some financial stability role in … times, but can have a substantially larger effect during periods of financial stress. Moreover, central bank communication …

diversity of views among the committee members. It finds that more active as well as more consistent communication by committee … members improves the predictability of monetary policy decisions significantly. This effect is sizeable as communication … policy decisions. Moreover, more active and more consistent communication are found to also reduce the degree of uncertainty …

private agents to be successful--and much of this communication is channeled through the media. This is especially true for …