during the 2007-10 financial crisis. The findings suggest that financial stability communication by central banks are … perceived by markets to contain relevant information, and they underline the importance of differentiating between 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 …

potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of … information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In …

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real …-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it … written in this decade. We survey this evergrowing literature. The evidence suggests that communication can be an important …

financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. JEL …

Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public … inflation environment, and that the media’s coverage of decisions is generally highly responsive to ECB communication – in …

dollar. The findings suggest that communication hinting at a weakening of EMEs’ US dollar focus contributed substantially to … more cautious in their communication more recently. Overall, the results underscore the growing systemic importance of EMEs …

Svensson (2006). First, the paper finds that the precision of communication is a key determinant of the predictability of both … FOMC decisions as well as the future policy path. Second, the effectiveness of communication is found to depend on the … communication to be flexible and adjust to market conditions in order for central banks to achieve their ultimate objectives. JEL …