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Can more public information raise uncertainty? The international evidence on forward guidance

Citations

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Cited by:

  1. Andrea Civelli & Cary Deck & Antonella Tutino, 2019. "Rationally Inattentive Savers and Monetary Policy Changes: A Laboratory Experiment," Working Papers 1915, Federal Reserve Bank of Dallas.
  2. Cañon, Carlos & Gerba, Eddie & Pambira, Alberto & Stoja, Evarist, 2024. "An unconventional FX tail risk story," Journal of International Money and Finance, Elsevier, vol. 148(C).
  3. Nie, Li & Wang, Yulong & Shi, Kai, 2025. "Financial market responses to the policy language of forward guidance: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 317-335.
  4. Sensoy, Ahmet & Serdengeçti, Süleyman, 2020. "Impact of portfolio flows and heterogeneous expectations on FX jumps: Evidence from an emerging market," International Review of Financial Analysis, Elsevier, vol. 68(C).
  5. Tillmann, Peter, 2021. "Financial markets and dissent in the ECB’s Governing Council," European Economic Review, Elsevier, vol. 139(C).
  6. Coenen, Günter & Montes-Galdón, Carlos & Saint Guilhem, Arthur & Hutchinson, John & Motto, Roberto, 2022. "Rate forward guidance in an environment of large central bank balance sheets: a Eurosystem stock-taking assessment," Occasional Paper Series 290, European Central Bank.
  7. Yoshito Funashima, 2022. "Economic policy uncertainty and unconventional monetary policy," Manchester School, University of Manchester, vol. 90(3), pages 278-292, June.
  8. Tian, Ye & Chen, Heng, 2026. "Central Bank's ambiguous communication and analysts' earnings forecasts," International Review of Financial Analysis, Elsevier, vol. 113(C).
  9. Boris Hofmann & Dora Xia, 2022. "Quantitative forward guidance through interest rate projections," BIS Working Papers 1009, Bank for International Settlements.
  10. Donato Masciandaro & Oana Peia & Davide Romelli, 2024. "Central bank communication and social media: From silence to Twitter," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 365-388, April.
  11. Ehrmann, Michael & Hubert, Paul, 2026. "Information acquisition ahead of monetary policy announcements," European Economic Review, Elsevier, vol. 184(C).
  12. Cecion, Martina & Coenen, Günter & Gerke, Rafael & Le Bihan, Hervé & Motto, Roberto & Aguilar, Pablo & Ajevskis, Viktors & Giesen, Sebastian & Albertazzi, Ugo & Gilbert, Niels & Al-Haschimi, Alexander, 2021. "The ECB’s price stability framework: past experience, and current and future challenges," Occasional Paper Series 269, European Central Bank.
  13. Ying, Shan & Sheen, Jeffrey & Gu, Xin & Wang, Ben Zhe, 2025. "Does monetary policy uncertainty moderate the transmission of policy shocks to government bond yields?," Journal of International Money and Finance, Elsevier, vol. 154(C).
  14. Peter Tillmann, 2020. "Financial Markets and Dissent in the ECB’s Governing Council," MAGKS Papers on Economics 202048, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  15. Cañon, Carlos & Gerba, Eddie & Pambira, Alberto & Stoja, Evarist, 2024. "An unconventional FX tail risk story," LSE Research Online Documents on Economics 125291, London School of Economics and Political Science, LSE Library.
  16. Jing Zhang & Shuai Chen & Honglei Liu, 2022. "Central bank communication, shadow banking, and bank risk-taking: Theoretical model and PVAR empirical evidence," PLOS ONE, Public Library of Science, vol. 17(9), pages 1-29, September.
  17. Petr Jakubik, 2020. "The impact of EIOPA statement on insurers dividends: evidence from equity market," EIOPA Financial Stability Report - Thematic Articles 18, EIOPA, Risks and Financial Stability Department.
  18. Vincenzo Cuciniello & Giuseppe Ferrero & Alessandro Notarpietro & Sergio Santoro, 2025. "Uncertainty, data dependence and interest rate volatility," Temi di discussione (Economic working papers) 1513, Bank of Italy, Economic Research and International Relations Area.
  19. Giacomo Mangiante & Pascal Meichtry, 2025. "On the Distributional Effects of Conventional Monetary Policy and Forward Guidance," Working papers 996, Banque de France.
  20. repec:rim:rimwps:22-04 is not listed on IDEAS
  21. Levy, Daniel & Mayer, Tamir & Raviv, Alon, 2022. "Economists in the 2008 financial crisis: Slow to see, fast to act," Journal of Financial Stability, Elsevier, vol. 60(C).
  22. Christopher S. Sutherland, 2023. "Forward guidance and expectation formation: A narrative approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(2), pages 222-241, March.
  23. Kryvtsov, Oleksiy & Petersen, Luba, 2021. "Central bank communication that works: Lessons from lab experiments," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 760-780.
  24. Cecchetti, Stephen & Schoenholtz, Kermit L., 2019. "Improving U.S. Monetary Policy Communications," CEPR Discussion Papers 13915, Centre for Economic Policy Research.
  25. Michael McMahon, 2024. "Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation," RBA Annual Conference Papers acp2024-01, Reserve Bank of Australia, revised May 2025.
  26. Michael Ehrmann & Sarah Holton & Danielle Kedan & Gillian Phelan, 2024. "Monetary Policy Communication: Perspectives from Former Policymakers at the ECB," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 837-864, June.
  27. Jakob de Haan, 2025. "No Way Back? ECB’s Forward Guidance and Policy Normalisation," Politics and Governance, Cogitatio Press, vol. 13.
  28. Assenmacher, Katrin & Glöckler, Gabriel & Holton, Sarah & Trautmann, Peter & Ioannou, Demosthenes & Mee, Simon & Alonso, Conception & Argiri, Eleni & Arigoni, Filippo & Bakk-Simon, Klára & Bergbauer, , 2021. "Clear, consistent and engaging: ECB monetary policy communication in a changing world," Occasional Paper Series 274, European Central Bank.
  29. Yuriy Gorodnichenko & Tho Pham & Oleksandr Talavera, 2023. "The Voice of Monetary Policy," American Economic Review, American Economic Association, vol. 113(2), pages 548-584, February.
  30. Maximilian Böck & Martin Feldkircher & Pierre L. Siklos, 2021. "International Effects of Euro Area Forward Guidance," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(5), pages 1066-1110, October.
  31. Cour-Thimann, Philippine & Jung, Alexander, 2020. "Interest rate setting and communication at the ECB," Working Paper Series 2443, European Central Bank.
  32. Christopher S Sutherland, 2022. "Forward guidance and expectation formation: A narrative approach," BIS Working Papers 1024, Bank for International Settlements.
  33. Caballero, Julián & Gadanecz, Blaise, 2024. "Did interest rate guidance in emerging markets work?," Journal of International Money and Finance, Elsevier, vol. 149(C).
  34. Kamps, Christophe & Bussière, Matthieu & Niessner, Birgit & Tristani, Oreste & Christoffel, Kai & Kapadia, Sujit & Ferrero, Giuseppe & Gilbert, Niels & Vlassopoulos, Thomas & Motto, Roberto & Gerke, R, 2025. "Report on monetary policy tools, strategy and communication," Occasional Paper Series 372, European Central Bank.
  35. Hodula, Martin, 2025. "Does U.S. monetary policy sway global crypto investment demand?," Finance Research Letters, Elsevier, vol. 80(C).
  36. Dimitris Papageorgiou, 2021. "Macroeconomic effects of shocks to import and services sector prices," Economic Bulletin, Bank of Greece, issue 54, pages 7-21, December.
  37. Haderer, Michaela, 2022. "An Estimated DSGE Model of the Euro Area with Expectations about the Timing and Nature of Liftoff from the Lower Bound," Working Papers 2022-05, University of Sydney, School of Economics.
  38. Liu, Wei & Li, Xiaoyu & Sun, Yiyuan (Ian) & Cao, Yuan & Wang, Yao, 2026. "The role of monetary policy uncertainty in linking macroeconomic variables and stock volatility: Evidence from Japan," Economic Modelling, Elsevier, vol. 159(C).
  39. Christoph S. Weber, 2026. "Central Bank Transparency and Interest Rate Volatility," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 1156-1168, January.
  40. Airaudo, Marco, 2020. "Temptation and forward-guidance," Journal of Economic Theory, Elsevier, vol. 186(C).
  41. Ioanna Bardaka & Athina Rentifi, 2021. "The importance of selected structural competitiveness indicators for exports: a comparative analysis between the euro area and Greece," Economic Bulletin, Bank of Greece, issue 54, pages 59-78, December.
  42. de Haan, Jakob & Hoogduin, Lex, 2024. "ECB communication policies: An overview and comparison with the Federal Reserve," Journal of International Money and Finance, Elsevier, vol. 142(C).
  43. Christopher S. Sutherland, 2020. "Forward Guidance and Expectation Formation: A Narrative Approach," Staff Working Papers 20-40, Bank of Canada.
  44. Xin Xu & Xiaoguang Xu, 2023. "Forward guidance investigation in new Keynesian models," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(2), pages 2145983-214, July.
  45. Cour-Thimann, Philippine & Jung, Alexander, 2021. "Interest-rate setting and communication at the ECB in its first twenty years," European Journal of Political Economy, Elsevier, vol. 70(C).
  46. Jung, Alexander, 2023. "Are monetary policy shocks causal to bank health? Evidence from the euro area," Journal of Macroeconomics, Elsevier, vol. 75(C).
  47. Lin, Jianhao & Mei, Ziwei & Chen, Liangyuan & Zhu, Chuanqi, 2023. "Is the People's Bank of China consistent in words and deeds?," China Economic Review, Elsevier, vol. 78(C).
  48. Eleni Argiri & Ifigeneia Skotida, 2021. "The 2021 review of the monetary policy strategy of the Eurosystem: an economy of forces," Economic Bulletin, Bank of Greece, issue 54, pages 23-57, December.
  49. Alexander Jung & Patrick Kuehl, 2021. "Can central bank communication help to stabilise inflation expectations?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(3), pages 298-321, July.
  50. Weale, Martin & Wieladek, Tomasz, 2025. "What are the macroeconomic effects of state-dependent forward guidance?," Journal of Economic Dynamics and Control, Elsevier, vol. 178(C).
  51. Baranowski, Paweł & Doryń, Wirginia & Łyziak, Tomasz & Stanisławska, Ewa, 2021. "Words and deeds in managing expectations: Empirical evidence from an inflation targeting economy," Economic Modelling, Elsevier, vol. 95(C), pages 49-67.
  52. Zhang, Dongyang & He, Yurun & Lu, Meiting, 2024. "Is energy firms' investment behavior more sensitive on corporate perception of monetary policy?," Energy Economics, Elsevier, vol. 136(C).
  53. Carlos Cañon & Eddie Gerba & Alberto Pambira & Evarist Stoja, 2023. "An Unconventional FX Tail Risk Story," CESifo Working Paper Series 10629, CESifo.
  54. Hie Joo Ahn & Leland E. Farmer, 2024. "Disagreement About the Term Structure of Inflation Expectations," Finance and Economics Discussion Series 2024-084, Board of Governors of the Federal Reserve System (U.S.).
  55. Grahame Johnson & Sharon Kozicki & Romanos Priftis & Lena Suchanek & Jonathan Witmer & Jing Yang, 2020. "Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature," Discussion Papers 2020-16, Bank of Canada.
  56. Andrade, Philippe & Ferroni, Filippo, 2021. "Delphic and odyssean monetary policy shocks: Evidence from the euro area," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 816-832.
  57. Goodhead, Robert, 2024. "The economic impact of yield curve compression: Evidence from euro area forward guidance and unconventional monetary policy," European Economic Review, Elsevier, vol. 164(C).
  58. Ahrens, Maximilian & Erdemlioglu, Deniz & McMahon, Michael & Neely, Christopher J. & Yang, Xiye, 2025. "Mind your language: Market responses to central bank speeches," Journal of Econometrics, Elsevier, vol. 249(PC).
  59. Lee, Seohyun, 2026. "Forecast disagreement about firm-level profitability and uncertainty," Pacific-Basin Finance Journal, Elsevier, vol. 97(C).
  60. Jeffrey R. Campbell & Thomas B. King & Anna Orlik & Rebecca Zarutskie, 2020. "Issues Regarding the Use of the Policy Rate Tool," Finance and Economics Discussion Series 2020-070, Board of Governors of the Federal Reserve System (U.S.).
  61. Donato Masciandaro, 2026. "Monetary Policy and Taylor Reaction Functions: Business Cycles, Central Bank Governance and Central Bankers’ Preferences," BAFFI CAREFIN Working Papers 26270, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
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