“…Typically, the usefulness of central bank communication is evaluated by its (i) impact on financial markets (see the extensive survey by Blinder et al, 2008), (ii) contribution to predicting future interest rate decisions (Jansen and de Haan, 2009;Hayo and Neuenkirch, 2010;Sturm and de Haan, 2011), or (iii) role in the monetary policy transmission process (Neuenkirch, 2013). Woodford, 2005).…”