Central bank communication plays an important role in shaping market participants' expectations. This paper studies a … economic dynamics, resulting in welfare-reducing fluctuations. On the contrary, central bank communication of policy rules …

Central bank communication plays an important role in shaping market participants’ expectations. This paper studies a … economic dynamics, resulting in welfare-reducing fluctuations. On the contrary, central bank communication of policy rules …

In this paper, we analyze whether central bank communication can be an additional tool to provide guidance on monetary … prices down (up). Overall, our analysis suggests that communication may be a complementary and effective monetary policy tool …

policymaking. Advocates and practitioners of the ITF have made many contributions to clear goal setting and communication by … central banks. However, we contend that ITF communication policies both as advocated and practiced often have some elements …-gap stabilization and faces a conventional (exploitable) Phillips-curve trade-off. We point out some problems that the ITF communication …