The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

This chapter studies how incomplete information helps accommodate frictions in
coordination, leading to novel insights on the joint determination of expectations and …

The value of communication is analyzed in a model in which agents' expectations need not
be consistent with central bank policy. Without communication, the Taylor principle is not …

We develop a comprehensive index of the transparency of central banks regarding their
policy framework to safeguard financial stability for 110 countries from 2000 to 2011 and …

In this paper, we examine the effect of having an inflation targeting framework on the
dispersion of inflation forecasts from professional forecasters. We use a panel data set of 25 …

Transparency has become a prominent feature of monetary policy as central banks have
greatly increased the amount of information they disclose about monetary policy‐making …

Should central banks increase their degree of transparency any further? We show that there
is likely to be an optimal intermediate degree of central bank transparency. Up to this …

Indeed, one of the first lessons one learns from studying a variety of hypothetical models is
that the problem of economic stabilization is, even in principle, an extremely intricate one …

I develop a semi-automated method that systematically evaluates the information in FOMC
meeting documents. This method highlights economic conditions and calculates document …

This paper investigates the effectiveness of forward guidance for the central banks of New
Zealand, Norway, Sweden, and the United States. The authors test whether forward …