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 …

how the ZLB affected the Fed's ability to conduct policy, we estimate the effects of Fed communication on yields of … different maturities in the pre-ZLB and ZLB periods. Before the ZLB period, communication affects both short- and long …-dated yields. In contrast, during the ZLB period, the reaction of yields to communication is concentrated in longer-dated yields …

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 …