Bank of Canada Conference on Central Bank Communications
Opening Remarks
Lynn Patterson (Bank of Canada)
Session 1: Central Banks and Private Information
Chair: Rodrigo Sekkel (Bank of Canada)
Non-Monetary News in Central Bank Communication
Anna Cieslak (Duke University), Andreas Schrimpf (Bank of International Settlements)
Discussant: Giovanni Ricco (University of Warwick)
The Long-Run Information Effect of Central Bank Text
Stephen Hansen (University of Oxford), Michael McMahon (University of Oxford), Matthew Tong (Bank of England)
Discussant: Jenny Tang (Federal Reserve Bank of Boston)
Session 2: The Role of Monetary Policy Anticipation
Chair: Monica Jain (Bank of Canada)
Anticipated Monetary Policy and Central Bank Communications
Petra Geraats (University of Cambridge), Simon Lloyd (Bank of England)
Discussant: Toni Gravelle (Bank of Canada)
Noisy Monetary Policy
Tatjana Dahlhaus (Bank of Canada), Luca Gambetti (Universitat Autònoma de Barcelona)
Discussant: Kyle Jurado (Duke University)
Keynote Remarks
Chair: Lawrence Schembri (Bank of Canada)
Jon Faust (Federal Reserve Board)
Session 3: Textual Analysis
Chair: Jeremy Harrison (Bank of Canada)
Linguistic Variation in Central Bank Communication
Luba Petersen (Simon Fraser University), Stephen Rouse (Simon Fraser University), Jasmina Arifovic (Simon Fraser University)
Discussant: Ellen Meade (Federal Reserve Board)
The Evolving Scope and Content of Central Bank Speeches
Pierre Siklos (Wilfried Laurier University), Samantha St. Amand (Centre for International Governance Innovation), Joanna Wajda (Centre for International Governance Innovation)
Discussant: Klodiana Istrefi (Banque de France)
Session 4: Sentiment in Central Bank Communication
Chair: Jason Allen (Bank of Canada)
Central Bank Sentiment and Policy Expectations
Paul Hubert (OFCE - Sciences Po), Fabien Labondance (Université de Bourgogne Franche-Comté – CRESE)
Discussant: Simon Lloyd (Bank of England)
How Does the Fed Manage Interest Rate Expectations?
Robin Tietz (Cass Business School)
Discussant: Charles Martineau (University of Toronto)
Session 5: Forward Guidance and Expectations
Chair: Jonathan Witmer (Bank of Canada)
When and Why Forward Guidance Can Unanchor Expectations
Michael Ehrmann (European Central Bank), Gaetano Gaballo (Banque de France), Peter Hoffmann (European Central Bank), Georg Strasser (European Central Bank)
Discussant: Sharon Kozicki (Bank of Canada)
How do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts?
Monica Jain (Bank of Canada), Christopher Sutherland (Bank of Canada)
Discussant: Thomas Lustenberger (Swiss National Bank)
Session 6: Economic News in Central Bank Communication
Chair: Jean-Sébastien Fontaine (Bank of Canada)
Deconstructing Monetary Policy Surprises: The Role of Information Shocks
Marek Jarociński (European Central Bank), Peter Karadi (European Central Bank)
Discussant: Aeimit Lakdawala (Michigan State University)
Delphic and Odyssean Monetary Policy Shocks: Evidence from the Euro-Area
Philippe Andrade (Banque de France), Filippo Ferroni (Federal Reserve Bank of Chicago)
Discussant: Andrea Vedolin (Boston University)
Session 7: Central Bank Communication and the Media
Chair: Jill Vardy (Bank of Canada)
Federal Reserve Communication and the Media
Carola Binder (Haverford College)
Discussant: Pierre Siklos (Wilfrid Laurier University)
Gauging the Sentiment of Federal Open Market Committee Communications Through the Eyes of the Financial Press
Shantanu Banerjee (Federal Reserve Board), Michiel De Pooter (Federal Reserve Board), Olesya Grishchenko (Federal Reserve Board), Cait Walsh (Federal Reserve Board)
Discussant: Vegard Larsen (Norges Bank)