Does one word fit all? The asymmetric effects of central banks' communication policy

Hamza Bennani

MPRA Paper from University Library of Munich, Germany

Abstract: This paper provides an extension of Morris and Shin's (2002) model (Morris, S., Shin, H. S. (2002). Social value of public information. The American Economic Review, 92(5), 1521-1534.). It considers an "interpretation bias" of the public signal sent by central banks such as the ECB or the FED. It is shown that such a bias is detrimental and should be considered when central banks implement their communication policy.

Keywords: central bank communication; monetary policy; public information. (search for similar items in EconPapers)
JEL-codes: C71 C78 E52 E58 (search for similar items in EconPapers)
Date: 2014-07-07
New Economics Papers: this item is included in nep-cta, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:57150

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