Reading list

Eight core readings

Two readings per lecture. Read for the economic object, the measurement chain, and the identifying variation.

Lecture 1 · Communication

1. Blinder et al. (2008), “Central Bank Communication and Monetary Policy.” The field map: transparency, signalling, commitment, and accountability. Open
2. Blinder et al. (2024), “Central Bank Communication with the General Public.” Why audience, clarity, and reach matter beyond financial markets.

Lecture 2 · Expectations

1. Kuttner (2001), “Monetary Policy Surprises and Interest Rates.” The foundational futures-based meeting surprise. Open
2. Mankiw, Reis & Wolfers (2004), “Disagreement about Inflation Expectations.” Expectations differ across agents and information sets.

Lecture 3 · Surprises

1. Gürkaynak, Sack & Swanson (2005), “Do Actions Speak Louder Than Words?” Target and path factors in policy announcements. Open
2. Jarociński & Karadi (2020), “Deconstructing Monetary Policy Surprises.” Separating policy shocks from central-bank information shocks. Open

Lecture 4 · Text as data

1. Gentzkow, Kelly & Taddy (2019), “Text as Data.” Representation, prediction, interpretation, and validation. Open
2. Loughran & McDonald (2011), “When Is a Liability Not a Liability?” Why financial language needs domain-specific validation. Open