Central Bank Communication and Monetary Policy Predictability under Uncertain Economic Conditions

1. Andersson, M., Dillén, H. & Sellin, P. (2006). Monetary Policy Signaling and Movements in the Term Structure of Interest Rates. Journal of Monetary Economics, 53(8), 1815-1855.10.1016/j.jmoneco.2006.06.002Search in Google Scholar

2. Bernanke, B. & Kuttner, K.N. (2005). What Explains the Stock Market’s Reaction to Federal Reserve Policy. The Journal of Finance, 60(3), 1221-1257.10.1111/j.1540-6261.2005.00760.xOpen DOISearch in Google Scholar

3. Blinder, A. S. (2000). Central-Bank Credibility: Why Do We Care? How Do We Build It? The American Economic Review, 90(5), 1421-1431.10.1257/aer.90.5.1421Search in Google Scholar

4. Blinder, A. S., Ehrmann, M., Fratzscher, M., De Haan, J. & Jansen, D.-J. (2008). Central bank communication and monetary policy: A survey of theory and evidence. European Central Bank working paper series, 898.10.3386/w13932Search in Google Scholar

5. Bomfim, A. M. (2003). Pre-announcement effects, news effects, and volatility: Monetary policy and the stock market. Journal of Banking & Finance, 27, 133-151.10.1016/S0378-4266(01)00211-4Open DOISearch in Google Scholar

6. Born, B., Ehrmann, M. & Fratzscher, M. (2014). Central Bank Communication on financial stability. The Economic Journal, 124 (577), 701-734.10.1111/ecoj.12039Search in Google Scholar

7. Bulíř, A., Čihák, M. & Jansen, D.-J. (2012). Clarity of Central Bank Communication About Inflation. IMF Working Paper, 9.10.2139/ssrn.2613292Search in Google Scholar

8. Bulíř, A., Čihák, M. & Šmídková, K. (2013). Writing Clearly: The ECB’s Monetary Policy Communication. German Economic Review, 14(1), 50–72.10.1111/j.1468-0475.2011.00562.xSearch in Google Scholar

9. Coenen, G., Ehrmann, M., Gaballo, G., Hoffmann, P., Nakov, A., Nardelli, S., Persson, E. & Strasser, G. (2017). Communication of monetary policy in unconventional times. European Central Bank working paper series, 2080.10.2139/ssrn.3043098Search in Google Scholar

10. ECB (2010). The ECB’s Response to the Financial Crisis. Monthly Bulletin, October, 59-74.Search in Google Scholar

11. Ehrmann, M. & Fratzscher, M. (2007a). The Timing of Central Bank Communication. European Journal of Political Economy, 23, 124-145.10.1016/j.ejpoleco.2006.09.015Open DOISearch in Google Scholar

12. Ehrmann, M. & Fratzscher, M. (2007b). Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness? Journal of Money, Credit and Banking, 39(2-3), 509-541.10.1111/j.0022-2879.2007.00034.xOpen DOISearch in Google Scholar

13. Ehrmann, M. & Fratzscher, M. (2009). Purdah - On the Rationale for Central Bank Silence around Policy Meetings. Journal of Money, Credit and Banking, 41(2-3), 517-528.10.1111/j.1538-4616.2009.00219.xOpen DOISearch in Google Scholar

14. Ehrmann, M. & Sondermann, D. (2012). The News Content of Macroeconomic Announcements: What if Central Bank Communication Becomes Stale? International Journal of Central Banking, 8(3), 1–53.Search in Google Scholar

15. Eijffinger, S. & Geraats, P. (2006). How Transparent are Central Banks? European Journal of Political Economy, 22, 1-21.10.1016/j.ejpoleco.2005.09.013Open DOISearch in Google Scholar

16. Faust, J. & Svensson, L.E.O. (2001). Transparency and Credibility: Monetary Policy With Unobservable Goals. International Economic Review, 42(2), 369-397.10.1111/1468-2354.00114Search in Google Scholar

17. Geraats, P. M. (2002). Central Bank Transparency. The Economic Journal, 112(483), 532-565.10.1111/1468-0297.00082Search in Google Scholar

18. Gerlach, S. & Schnable, G. (2000). The Taylor rule and interest rates in the EMU area. Economics Letters, 67(2), 165-171.10.1016/S0165-1765(99)00263-3Search in Google Scholar

19. Hansen, S. & McMahon, M. (2016). Shocking language: Understanding the macroeconomic effects of central bank communication. Journal of International Economics, 99, S114-S133.10.1016/j.jinteco.2015.12.008Search in Google Scholar

20. Hayo, B. & Neuenkirch, M. (2010). Do Federal Reserve communications help predict federal funds target rate decisions? Journal of Macroeconomics, 32(4), 1014-1024.10.1016/j.jmacro.2010.06.003Open DOISearch in Google Scholar

21. Hayo, B. & Neuenkirch, M. (2015). Central bank communication in the financial crisis: Evidence from a survey of financial market participants. Journal of International Money and Finance, 59, 166-181.10.1016/j.jimonfin.2015.09.001Search in Google Scholar

22. Jansen, D.-J. & De Haan, J. (2009). Has ECB communication been helpful in predicting interest rate decisions? An evaluation of the early years of the Economic and Monetary Union. Applied Economics, 41(16), 1995-2003.10.1080/00036840802167384Search in Google Scholar

23. Kohn, D.L. & Sack, B.P. (2003). Central Bank Talk: Does It Matter and Why? Federal Reserve Board Finance and Economics Discussion Series, 55.10.17016/FEDS.2003.55Search in Google Scholar

24. Melosi, L. (2016). Signalling Effects of Monetary Policy. The Review of Economic Studies, 84(2), 853-884.10.1093/restud/rdw050Search in Google Scholar

25. Moessner, R., Jansen, D.-J. & De Haan, J. (2017). Communication about future policy rates in theory and practice: A survey. Journal of Economic Surveys, 31(3), 678-711.10.1111/joes.12169Open DOISearch in Google Scholar

26. Neuendorf, K. A. (2002). The content analysis guidebook. Sage Publications, Thousand Oaks.Search in Google Scholar

27. Orphanides, A. (2001). Monetary Policy Rules Based on Real-Time Data. American Economic Review, 91, 964-985.10.1257/aer.91.4.964Search in Google Scholar

28. Poole, W. (2001). Expectations. Federal Reserve Bank of St. Louis Review, 83(2), 1-10.10.20955/r.83.1-10Search in Google Scholar

29. Riffe, D., Lacy, S. & Fico, F.G. (2005). Analyzing media messages. Using quantitative content analysis in research. Lawrence Erlbaum Associates.10.4324/9781410613424Search in Google Scholar

30. Romer, C. & Romer, D.H. (2000). Federal Reserve Information and the Behavior of Interest Rates. American Economic Review, 90(3), 429-457.10.1257/aer.90.3.429Open DOISearch in Google Scholar

31. Rosa, C. & Verga, G. (2007). On the consistency and effectiveness of central bank communication: Evidence from the ECB. European Journal of Political Economy, 23(1), 146-175.10.1016/j.ejpoleco.2006.09.016Open DOISearch in Google Scholar

32. Smart, G. (2006): Writing the Economy. Activity, Genre and Technology in the World of Banking. Equinox Publishing, Sheffield.Search in Google Scholar

33. Taylor, J. B. (1993). Discretion versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy, 39, 195-214.10.1016/0167-2231(93)90009-LSearch in Google Scholar

34. Trichet, J.-C. (2007). ECB’s Trichet - transparency best vaccine vs contagion. Published in Reuters News 29.9.2007. https://www.reuters.com/article/us-ecb-trichet/ecbs-trichet-transparency-best-vaccine-vs-contagion-idUSDEG00336820070929 (Accessed 08 August 2018).Search in Google Scholar

35. Trichet, J.-C. (2008). Some lessons from the financial market correction. Speech delivered at the “European Banker of the Year 2007”. https://www.ecb.europa.eu/press/key/date/2008/html/sp080930_1.en.html (Accessed 08 August 2018).Search in Google Scholar

36. Winkler, B. (2000). Which Kind of Transparency? On the Need for Clarity in Monetary Policy-Making. European Central Bank working paper series, 26.10.2139/ssrn.355587Search in Google Scholar