Central banks have intensified their communication strategy since the mid 1990's and it has become an important instrument of central banks' policymaking toolkit. A large empirical evidence suggests that central bank communication has effectively enhanced the transmission of monetary policy...

Central banks have intensified their communication strategy since the mid 1990's and it has become an important instrument of central banks' policymaking toolkit. A large empirical evidence suggests that central bank communication has effectively enhanced the transmission of monetary policy...

We explore empirically the theoretical prediction that public information acts as a focal point in the context of the U.S. monetary policy. We aim at establishing whether the publication of Federal Open Market Committee (FOMC) inflation forecasts affects the cross-sectional dispersion of private...

Federal Open Market Committee (FOMC) policymakers have published macroeconomic forecasts since 1979 and we examine the effects of FOMC inflation forecasts using a structural VAR model. First, we assess whether they influence private inflation expectations. Second, we investigate the underlying...

Since Romer and Romer (2000), a large literature has dealt with the relative forecasting performance of Greenbook macroeconomic forecasts of the Federal Reserve. This paper empirically reviews the existing results by comparing the different methods, data and samples used previously. The sample...

Focusing on a set of central banks that publish inflation forecasts in real time, this paper aims to establish whether central bank inflation forecasts influence private inflation forecasts. The response is positive in the five countries studied: Sweden, the United Kingdom, Canada, Switzerland,...