Communication of monetary policy took back seat in financial crisis, researchers find
ECB press conferences transmitted non-monetary information in 65% of cases from 1990 to 2017, researchers find
Communication of non-monetary policy information dominated central bank communications during the financial crisis and its immediate aftermath, two researchers at the Bank for International Settlements find.
Monetary policy communication regained importance after 2013, the researchers say.
In Non-monetary news in central bank communication, Anna Cieslak and Andreas Schrimpf compare government bond yields and equity returns against central bank news and communication channels.
They study the
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