“…Blinder et al (2008) provide a broad survey, and Rudebusch and Williams (2008) discuss FOMC language from 1999 to 2006. More specifically, I contribute to the event-study literature focused on FOMC communication, which includes Kohn and Sack (2003), Bernanke, Reinhart, and Sack (2004), Gürkaynak, Sack, and Swanson (2005), Campbell et al (2012), Del Negro, Giannoni, and Patterson (2015), Gilchrist, López-Salido, and Zakrajsek (2015), Hanson and Stein (2015), Sinha (2015), Campbell et al (2016), Hattori, Schrimpf, and Sushko (2016), Bundick, Herriford, and Smith (2017), Swanson (2017), Lakdawala and Schaffer (2018), and Nakamura and Steinsson (2018). 4 In particular, I study Kohn and Sack's (2003) "economic-outlook" and "policy-inclination" aspects of forward guidance.…”