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Central Bank Communication and Monetary Policy Predictability under Uncertain Economic Conditions
2019
Journal of Central Banking Theory and Practice
Modern central banks increasingly value monetary policy transparency, and attempt to build credibility by communicating their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy instrument, the short-term refinancing rate, and whether the public can trust central bank communication during times of financial crisis. This is done by constructing an indicator to measure the
doi:10.2478/jcbtp-2019-0011
fatcat:qugas6j72rd4xdrvw7t36vkbxa