| dc.description.abstract | This thesis investigates central bank communication and monetary policy from an empirical perspective. Chapters 2 and 3 are devoted to central bank communication, and the last one studies asymmetries in the effects of monetary policy. Specifically, Chapter 2 focusses on the effects of forward guidance and shows that this instrument is an effective policy tool, being at least as strong as conventional monetary policy. Chapter 3 investigates the contribution of information extracted from monetary policy statements to the forecasting of macroeconomic and financial variables. It shows that US central bank communication can improve forecasts, bringing useful informational content even when the benchmark is a traditional large-scale model. Chapter 4 revisits the "string theory", according to which monetary easings have smaller real effects than tightenings, and extends the study of asymmetry to the responses of financial conditions and to the euro area. Financial conditions also respond differently to positive and negative monetary policy shocks, and, overall, the responses found in the euro area are similar to the ones found in the US. | en_US |
