Central Bank Communication and Expectations Stabilization
---- Acknowledgements -----
The authors thank seminar participants at the Bank of Portugal, Belgium National Bank, Brown University, the FRB of San Francisco Conference on "Monetary Policy, Transparency, and Credibility", FRB of New York, the FRB of St Louis, ECARES Universite Libre de Bruxelles and the 2007 Spring Meeting of the NBER Monetary Economics Group, and particularly Alejandro Justiniano and our discussants Michael Ehrmann, Athanasios Orphanides and Chris Sims for detailed comments and discussions. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research. The usual caveat applies.