Details about Michael Francis McMahon
Access statistics for papers by Michael Francis McMahon.
Last updated 2026-09-13. Update your information in the RePEc Author Service.
Short-id: pmc143
Jump to Journal Articles Edited books Chapters
Working Papers
2026
- Anchors Aweigh? The Effect of Communicating Forecast Uncertainty
CEPR Discussion Papers, Centre for Economic Policy Research 
Also in Bank of England Staff Working Paper series, Bank of England (2026)
- Rounding Up: Complexity, Satisficing, and Bias in Inflation Expectations
CEPR Discussion Papers, Centre for Economic Policy Research
2025
- From Forward Guidance to Data Dependence: Temporality and Complexity in ECB Communication After the Pandemic
Economic Letters, Central Bank of Ireland
- Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation
RBA Annual Conference Papers, Reserve Bank of Australia
- Monopsony, Income Risk and R∗ Multiplicity
CEPR Discussion Papers, Centre for Economic Policy Research
- Stories that (are) Move(d by) Markets: A Causal Exploration of Market Shocks and Semantic Shifts across Different Partisan Groups
Papers, arXiv.org
2024
- Did I make myself clear? The Fed and the market under the 2020 monetary policy framework
CEPR Discussion Papers, Centre for Economic Policy Research
- Mind Your Language: Market Responses to Central Bank Speeches
Working Papers, Federal Reserve Bank of St. Louis View citations (10)
Also in CEPR Discussion Papers, Centre for Economic Policy Research (2023)
See also Journal Article Mind your language: Market responses to central bank speeches, Journal of Econometrics, Elsevier (2025) View citations (8) (2025)
- Tough Talk: The Fed and the Risk Premium
CEPR Discussion Papers, Centre for Economic Policy Research View citations (1)
2023
- Building Central Bank Credibility: The Role of Forecast Performance
CEPR Discussion Papers, Centre for Economic Policy Research
- Getting through: Communicating complex information
CEPR Discussion Papers, Centre for Economic Policy Research
Also in Bank of England Staff Working Paper series, Bank of England (2023) View citations (8)
Bank of England Staff Working Paper series, Bank of England (2023) View citations (8)
- MPC monetary communication: Children of the revolution(s)
CEPR Discussion Papers, Centre for Economic Policy Research
Also in Economics Series Working Papers, University of Oxford, Department of Economics (2022)
- Measuring the Temporal Dimension of Text: An Application to Policymaker Speeches
CEPR Discussion Papers, Centre for Economic Policy Research
Also in Research Technical Papers, Central Bank of Ireland (2023) View citations (3)
- Policymakers' Uncertainty
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
Also in CEPR Discussion Papers, Centre for Economic Policy Research (2023)
- The Central Bank Crystal Ball: Temporal information in monetary policy communication
Research Technical Papers, Central Bank of Ireland View citations (7)
Also in CEPR Discussion Papers, Centre for Economic Policy Research (2023)
2020
- Beyond Pangloss: Financial sector origins of inefficient economic booms
CEPR Discussion Papers, Centre for Economic Policy Research View citations (1)
See also Journal Article Beyond Pangloss: Financial sector origins of inefficient economic booms, Journal of Monetary Economics, Elsevier (2024) View citations (1) (2024)
- The 3 E’s of Central Bank Communication with the Public
CEPR Discussion Papers, Centre for Economic Policy Research View citations (8)
- The 3 E’s of central bank communication with the public
Bank of England Staff Working Paper series, Bank of England View citations (12)
- The long-run information effect of central bank communication
Working Paper Series, European Central Bank View citations (4)
Also in Bank of England Staff Working Paper series, Bank of England (2019) View citations (112)
CEPR Discussion Papers, Centre for Economic Policy Research (2019) View citations (112)
See also Journal Article The long-run information effect of central bank communication, Journal of Monetary Economics, Elsevier (2019) View citations (112) (2019)
2018
- China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations
IMF Working Papers, International Monetary Fund View citations (15)
2016
- Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication
CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University View citations (315)
Also in Discussion Papers, Centre for Macroeconomics (CFM) (2015) View citations (17)
CEPR Discussion Papers, Centre for Economic Policy Research (2015) View citations (15)
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics (2015) View citations (14)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2015) View citations (14)
CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) (2015) View citations (15)
Economic Research Papers, University of Warwick - Department of Economics View citations (15)
See also Journal Article Shocking language: Understanding the macroeconomic effects of central bank communication, Journal of International Economics, Elsevier (2016) View citations (264) (2016)
Chapter Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication, NBER Chapters, National Bureau of Economic Research, Inc (2016) View citations (306) (2016)
2015
- Estimating Bayesian Decision Problems with Heterogeneous Priors
Working Papers, Barcelona School of Economics View citations (1)
Also in CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) (2013) View citations (1)
Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2013) View citations (1)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2013) View citations (1)
CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2013) View citations (1)
CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) (2013) View citations (1)
CEP Discussion Papers, Centre for Economic Performance, LSE (2013) View citations (1)
- First Impressions Matter: Signalling as a Source of Policy Dynamics
Working Papers, Barcelona School of Economics View citations (2)
Also in CEP Discussion Papers, Centre for Economic Performance, LSE (2011) View citations (2)
Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2011) View citations (2)
2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (6)
CEPR Discussion Papers, Centre for Economic Policy Research (2013) View citations (3)
CESifo Working Paper Series, CESifo (2012)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2011)
See also Journal Article First Impressions Matter: Signalling as a Source of Policy Dynamics, The Review of Economic Studies, Review of Economic Studies Ltd (2016) View citations (15) (2016)
- Perils of quantitative easing
CRETA Online Discussion Paper Series, Centre for Research in Economic Theory and its Applications CRETA View citations (12)
Also in Economic Research Papers, University of Warwick - Department of Economics View citations (4)
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics (2015) View citations (4)
- QE and the Bank Lending Channel in the United Kingdom
CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) View citations (4)
Also in CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2015) View citations (12)
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics (2015) View citations (25)
Discussion Papers, Centre for Macroeconomics (CFM) (2015) View citations (27)
Bank of England Staff Working Paper series, Bank of England (2014) View citations (52)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2015) View citations (10)
CEPR Discussion Papers, Centre for Economic Policy Research (2015) View citations (11)
Economic Research Papers, University of Warwick - Department of Economics View citations (10)
- The dilemma of central bank transparency
CentrePiece - The magazine for economic performance, Centre for Economic Performance, LSE
- Transparency and Deliberation within the FOMC: a Computational Linguistics Approach
Working Papers, Barcelona School of Economics View citations (43)
Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2014) View citations (44)
Discussion Papers, Centre for Macroeconomics (CFM) (2014) View citations (46)
CEPR Discussion Papers, Centre for Economic Policy Research (2014) View citations (45)
CEP Discussion Papers, Centre for Economic Performance, LSE (2014) View citations (51)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2014) View citations (50)
Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2014) View citations (58)
See also Journal Article Transparency and Deliberation Within the FOMC: A Computational Linguistics Approach, The Quarterly Journal of Economics, President and Fellows of Harvard College (2018) View citations (323) (2018)
- What Do Outside Experts Bring To A Committee? Evidence From The Bank of England
Working Papers, Barcelona School of Economics View citations (3)
Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2010) View citations (3)
Economic Research Papers, University of Warwick - Department of Economics View citations (3)
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics (2010) View citations (2)
2013
- How Experts Decide: Preferences or Private Assessments on a Monetary Policy Committee?
CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University View citations (9)
Also in CESifo Working Paper Series, CESifo (2013) View citations (5)
2012
- The Household Effects of Government Spending
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics View citations (17)
Also in CEPR Discussion Papers, Centre for Economic Policy Research (2012) View citations (27)
Economic Research Papers, University of Warwick - Department of Economics View citations (17)
CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2012) View citations (19)
CEP Discussion Papers, Centre for Economic Performance, LSE (2012) View citations (19)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2012)
See also Chapter The Household Effects of Government Spending, NBER Chapters, National Bureau of Economic Research, Inc (2012) View citations (19) (2012)
- The Households Effects of Government Consumption
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
2011
- Classroom Games in Economics: A Quantitative Assessment of the `Beer Game'
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics
Also in Economic Research Papers, University of Warwick - Department of Economics
- How Experts Decide: Identifying Preferences versus Signals from Policy Decisions
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics View citations (4)
Also in Economic Research Papers, University of Warwick - Department of Economics View citations (3)
CEP Discussion Papers, Centre for Economic Performance, LSE (2011) View citations (6)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2011)
- Understanding the macroeconomic effects of working capital in the United Kingdom
The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics View citations (12)
Also in Bank of England Staff Working Paper series, Bank of England (2011) View citations (24)
Economic Research Papers, University of Warwick - Department of Economics View citations (13)
2009
- Policy Uncertainty and Precautionary Savings
Working Papers, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University View citations (1)
Also in CEPR Discussion Papers, Centre for Economic Policy Research (2008) View citations (3)
CEP Discussion Papers, Centre for Economic Performance, LSE (2008) View citations (8)
NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (4)
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2008) View citations (2)
2008
- Delayed Doves: MPC Voting Behaviour of Externals
CEP Discussion Papers, Centre for Economic Performance, LSE View citations (24)
Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2008) View citations (23)
- In Brief: Delayed Doves
CentrePiece - The magazine for economic performance, Centre for Economic Performance, LSE
2005
- The role of ICT in the global investment cycle
Bank of England Staff Working Paper series, Bank of England View citations (4)
2000
- Assessing the Stance of Irish Fiscal Policy
Papers, Economic and Social Research Institute (ESRI) View citations (14)
- Differences in the Transmission of Monetary Policy in the Euro-Area: An Empirical Approach
Research Technical Papers, Central Bank of Ireland View citations (2)
Journal Articles
2025
- FROM BUST TO BOTTLENECKS: LESSONS FROM THE IRISH EXPERIENCE OF PUBLIC INVESTMENT AND FISCAL POLICY
National Institute Economic Review, 2025, 272
- Mind your language: Market responses to central bank speeches
Journal of Econometrics, 2025, 249, (PC) View citations (8)
See also Working Paper Mind Your Language: Market Responses to Central Bank Speeches, Working Papers (2024) View citations (10) (2024)
2024
- Beyond Pangloss: Financial sector origins of inefficient economic booms
Journal of Monetary Economics, 2024, 145, (C) View citations (1)
See also Working Paper Beyond Pangloss: Financial sector origins of inefficient economic booms, CEPR Discussion Papers (2020) View citations (1) (2020)
- DOES THE BANK OF ENGLAND NEED GENDERED COMMUNICATION?
National Institute Economic Review, 2024, 269, 29-46 View citations (1)
2021
- The public economist: learning from our Citizens' Panels about the UK economy
Bank of England Quarterly Bulletin, 2021, 61, (4), 1-1 View citations (3)
2019
- The long-run information effect of central bank communication
Journal of Monetary Economics, 2019, 108, (C), 185-202 View citations (112)
See also Working Paper The long-run information effect of central bank communication, Working Paper Series (2020) View citations (4) (2020)
2018
- Central Bank Communications and the General Public
AEA Papers and Proceedings, 2018, 108, 578-83 View citations (145)
- Perils of unconventional monetary policy
Journal of Economic Dynamics and Control, 2018, 93, (C), 92-114 View citations (11)
- Transparency and Deliberation Within the FOMC: A Computational Linguistics Approach
The Quarterly Journal of Economics, 2018, 133, (2), 801-870 View citations (323)
See also Working Paper Transparency and Deliberation within the FOMC: a Computational Linguistics Approach, Working Papers (2015) View citations (43) (2015)
2017
- “Sound Financesâ€: Strategy or Soundbite
National Institute Economic Review, 2017, 241, (1), R13-R32 View citations (1)
- “Sound Finances”: Strategy or Soundbite
National Institute Economic Review, 2017, 241, R13-R32
2016
- Estimating Bayesian Decision Problems with Heterogeneous Expertise
Journal of Applied Econometrics, 2016, 31, (4), 762-771
- First Impressions Matter: Signalling as a Source of Policy Dynamics
The Review of Economic Studies, 2016, 83, (4), 1645-1672 View citations (15)
See also Working Paper First Impressions Matter: Signalling as a Source of Policy Dynamics, Working Papers (2015) View citations (2) (2015)
- Shocking language: Understanding the macroeconomic effects of central bank communication
Journal of International Economics, 2016, 99, (S1), S114-S133 View citations (264)
See also Working Paper Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication, CAMA Working Papers (2016) View citations (315) (2016)
Chapter Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication, NBER Chapters, 2016 (2016) View citations (306) (2016)
2014
- Preferences or private assessments on a monetary policy committee?
Journal of Monetary Economics, 2014, 67, (C), 16-32 View citations (45)
2012
- Policy Uncertainty and Household Savings
The Review of Economics and Statistics, 2012, 94, (2), 517-531 View citations (90)
2011
- Comment
NBER International Seminar on Macroeconomics, 2011, 7, (1), 77 - 86
2004
- Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands [with Comments]
NBER International Seminar on Macroeconomics, 2004, 2004, (1), 413 - 457
Edited books
2024
- Reflections on Monetary Policy after 25 Years of the MPC
Cambridge Books, Cambridge University Press
Chapters
2022
- Monetary economics and communication: new data, new tools,new and old questions
A chapter in Machine learning in central banking, 2022, vol. 57
2021
- Appendix: Stylised facts on inflation in the euro area
Chapter 5 in The ECB strategy: The 2021 review and its future, 2021, vol. 1
- Climate change and monetary policy
Chapter 4 in The ECB strategy: The 2021 review and its future, 2021, vol. 1
- Fiscal and monetary interactions
Chapter 3 in The ECB strategy: The 2021 review and its future, 2021, vol. 1
- Introduction: The ECB Strategy: The 2021 review and its future
A chapter in The ECB strategy: The 2021 review and its future, 2021, vol. 1
- The objectives of monetary policy
Chapter 1 in The ECB strategy: The 2021 review and its future, 2021, vol. 1
- The tools of monetary policy at the ECB: A new normal
Chapter 2 in The ECB strategy: The 2021 review and its future, 2021, vol. 1
2016
- Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication
A chapter in NBER International Seminar on Macroeconomics 2015, 2016 View citations (306)
See also Working Paper Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2016) View citations (315) (2016)
Journal Article Shocking language: Understanding the macroeconomic effects of central bank communication, Elsevier (2016) View citations (264) (2016)
2012
- The Household Effects of Government Spending
A chapter in Fiscal Policy after the Financial Crisis, 2012, pp 103-141 View citations (19)
See also Working Paper The Household Effects of Government Spending, University of Warwick, Department of Economics (2012) View citations (17) (2012)
2010
- Comment on "Technology-Hours Redux: Tax Changes and the Measurement of Technology Shocks"
A chapter in NBER International Seminar on Macroeconomics 2010, 2010, pp 77-86
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