The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central … Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking … process in the committee. The paper shows that the Federal Reserve has been pursuing a rather individualistic communication …

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 … is sizeable, accounting for instance for one third to half of the prediction errors of FOMC policy decisions. By contrast …

such communication has the ability to move financial markets. The findings suggest that communication is generally seen as … so prior to interest rate changes. At the same time, markets react more strongly to communication prior to policy changes …. Other instances where communication becomes more intense, or where financial markets become more responsive are also …

Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …

Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …

their assessment of central bank communication skills and success in conveying objectives as well as the importance of … and their overall communication skills on the one hand, and market participants' perception of the banks' predictability …