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Journal Article
Gauging the Evolution of Monetary Policy Communication Before and After the Financial Crisis
Fed communication eventually focused on influencing the public?s expectations.
Journal Article
Gauging Market Responses to Monetary Policy Communication
The modern model of central bank communication suggests that central bankers prefer to err on the side of saying too much rather than too little. The reason is that most central bankers believe that clear and concise communication of monetary policy helps achieve their goals. For the Federal Reserve, this means to achieve its goals of price stability, maximum employment, and stable long-term interest rates. This article examines the various dimensions of Fed communication with the public and financial markets and how Fed communication with the public has evolved over time. We use daily and ...