A working paper published by the European Central Bank argues that some interpretations of the data on monetary policy announcements exaggerates the stickiness of prices.

In Deconstructing monetary policy surprises: the role of information shocks, Marek Jarociński and Peter Karadi note that central bank monetary policy announcements simultaneously convey two types of information. They inform listeners whether monetary policy has changed, and if so how, and they also communicate information on