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Leonardo Melosi

@leonardo-melosi.bsky.social

Professor of economics at the European University Institute.

3 Posts111 Follower91 Folgt
Leonardo Melosi@leonardo-melosi.bsky.social · 12mo ago

My new VoxEU column cepr.org/voxeu/column... is out. We investigate central banks' communication when monetary policy is set by a committee. Plural voices strengthen communication; unless they clash!

Communicating monetary policy by a committee: Echoes that move markets

Central banks rarely speak with one voice. At the Federal Reserve, for instance, each official brings a distinct perspective, and markets parse every speech for hints of where policy is headed. Different views may help make better decisions, but do they also help when explaining those decisions to the public? And what happens when voices diverge? This column shows that alignment in communication matters: speeches that echo the preceding Chair’s post-FOMC press conference reinforce monetary transmission, while dissonant voices create noise that weakens it.

cepr.org

Leonardo Melosi@leonardo-melosi.bsky.social · last yr.

It was a great honor to deliver the keynote address at the 19th Annual Dynare Conference. My sincere thanks to the organizers for putting together such an engaging and well-run event. I’m especially grateful to the Bank of Finland for their generous hospitality and support.

Dynare@dynare.bsky.social · last yr.

The 19th Dynare Conference was held on June 5-6 in Helsinki, organized by the Bank of Finland with support from DSGE-net. Keynote speakers were @mattiaco.bsky.social‬ and @leonardo-melosi.bsky.social‬. Thanks to the Bank of Finland and to all participants for the memorable scientific exchange.