Why do long-run interest rates respond to central bank communication? Whereas existing
explanations imply a common set of signals drives short and long-run yields, we show that …

Central banks around the world have become considerably more transparent over the past
decade. An important part of this has been the increased efforts by central banks to …

The causal effects of central bank communication on economic expectations and their
underlying mechanisms are tested in controlled laboratory experiments. We find that central …

Macroeconomic news announcements move yields and forward rates on nominal and index-
linked bonds and inflation compensation. This paper estimates the reactions using high …

This paper examines how United Kingdom financial markets react to Bank of England
communication. We might expect asset prices to react to official communication if it is …

In this paper, we argue that monetary policy in the form of central bank communication can
shape long-term interest rates by changing risk premia. Using high-frequency movements of …

Using evidence from four major central banks, we decompose news conveyed by central-
bank communication into news about monetary policy (monetary news), as well as non …

This paper examines how various monetary policy signals such as repo rate changes,
inflation reports, speeches, and minutes from monetary policy meetings affect the term …

I estimate the macroeconomic effects of two critical aspects of Federal Reserve (Fed)
communications: forward guidance regarding the path of interest rates and the provision of …

We present a new automated, objective and intuitive scoring technique to measure the
content of central bank communication about future interest rate decisions based on …