We present estimates of monetary non-neutrality based on evidence from high-frequency
responses of real interest rates, expected inflation, and expected output growth. Our …

We develop a dynamic general equilibrium model in which the policy rate signals the central
bank's view about macroeconomic developments to price setters. The model is estimated …

I show that the nature of the Federal Open Market Committee's (FOMC's) forward guidance
language shapes the private sector's responses to monetary policy statements. From …

We investigate the effects of fiscal policy communication on the propagation of government
spending shocks. To this aim, we propose a new index measuring the coordination effects of …

Monetary policy is analyzed in a model with a potential unanchoring of inflation
expectations. The degree of unanchoring is given by how sensitively the public's long-run …

We investigate the potential of transparency to influence committee decision-making. We
present a model in which career concerned committee members receive private information …

We analyze the economic impact of central banks sensed by business executives in a
sample of 61 countries from 1998 to 2016. Based on a survey conducted by the Institute for …

This paper examines the optimal information design within a Bayesian persuasion setup
with multidimensional information. Assuming a linear-quadratic specification, I provide a …

This paper studies the optimal dynamic communication strategy of central banks using a
Bayesian persuasion game framework. In a dynamic environment, financial market …

We introduce a new market microstructure model to study a setting in which an authority (eg
a firm manager or government policymaker) learns about the likelihood of a bad state by …