talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States … based on text analysis with regularized regressions. We find strong evidence for systematic communication rules that vary …'s communication rule and use it to investigate how much of the disagreement between the market and the Fed come from disagreement …

Does the Federal Reserve follow a communication rule? We propose a simple framework to estimate communication rules … communication rules that vary over time, with changes in the rule often being associated with changes in the economic environment …. We also find that shifts in communication rules increase disagreement among professional forecasters and correlate with …

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 …

Communication targeting households and firms has become a stand-alone policy tool of many central banks. But which … forms of communication, if any, can reach ordinary people and manage their economic expectations effectively? In a large …-scale randomized control trial, we show that communication manages expectations when it focuses on policy targets and objectives rather …