宏观经济学研讨会2014年第14期（总第165期）文献—Central bank communication and policy effectiveness_精品.pdfVIP

NBER WORKING PAPER SERIES CENTRAL BANK COMMUNICATION AND POLICY EFFECTIVENESS Michael Woodford Working Paper 11898 /papers/w 11898 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2005 Presented at the Federal Reserve Bank of Kansas City Symposium \The Greenspan Era: Lessons for the Future, Jackson Hole, Wyoming, August 25-27, 2005. I would like to thank Charlie Bean, Ben Bernanke, Alan Blinder, Michael Ehrmann, Marcel Fratzscher, Charles Goodhart, Larry Meyer, and Anders Vredin for helpful comments on an earlier draft, without implicating any of them in the views expressed here. I would also like to thank Mauro Roca for research assistance and the National Science Foundation for research support through a grant to the NBER. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. ©2005 by Michael Woodford. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Central Bank Communication and Policy Effectiveness Michael Woodford NBER Working Paper No. 11898 December 2005 JEL No. E52, E58 ABSTRACT A notable change in central banking over the past 15 years has been a world-wide movement toward increased communication by central banks about their policy decisions, the targets that they seek to achieve through those decisions, and the central banks view of the economys likely future evolutio