We examine recent changes in monetary policy due to the financial crisis and ask whether
they are likely to be temporary or permanent. We present evidence from two original surveys …

We investigate determinants of disagreement—cross-sectional dispersion of individual
forecasts—about key economic indicators. Disagreement about economic activity, in …

The interest rate pass‐through describes how changes in a reference rate (the monetary
policy, money market or T‐bill rate) transmit to bank lending rates. We review the empirical …

We develop a comprehensive index of the transparency of central banks regarding their
policy framework to safeguard financial stability for 110 countries from 2000 to 2011 and …

Inflation targeting (IT) had originally been introduced as a device to bring inflation down and
stabilize it at low levels. Given the current environment of persistently weak inflation in many …

We ask whether uncertainty about interest rates is important for economic activity. The
effects of interest rate uncertainty on the economy are examined through the lens of a small …

Central banks have used different types of forward guidance. This paper reports cross-
country evidence showing that, in general, forward guidance mutes the response of …

The literature on transparency and central bank communication and the literature on
disagreement about expectations are evolving; however, both have been evolving …

This paper investigates the effects of media coverage about consumer price inflation on
inflation forecast disagreement of German households and professional forecasters. We …

We evaluate the ECB's monetary policy strategy against some of the underlying economic
features of the eurozone, in normal times and during the financial crisis. We show that in the …