Leonardo Melosi

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.

Alignment in central bank communication matters. Speeches from #Fed Chairs that echo the preceding Chair's post-FOMC press conference reinforce #monetarypolicy, while dissonant voices weaken it.
M Djourelova, F Ferroni,‪ @leonardo-melosi.bsky.social, A Villa
cepr.org/voxeu/column...
#EconSky

06.10.2025 08:41 — 👍 2    🔁 2    💬 0    📌 0

Max Weber Fellowships The Max Weber Programme MWP at the European University Institute EUI is a unique postdoctoral programme in the historical, humanities and social sciences It i

Final days to apply for the Max Weber Postdoctoral Fellowship at the European University Institute. Deadline October 15th at 14:00 CEST. Apply here: www.eui.eu/apply?id=max...

11.10.2025 10:07 — 👍 1    🔁 0    💬 0    📌 0

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.

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!

05.10.2025 19:45 — 👍 1    🔁 0    💬 0    📌 0

📣 The EUI is glad to announce the arrival of Professor @leonardo-melosi.bsky.social who joined @eui-eco.bsky.social as a new full-time faculty member.

Discover more on his background & research 🔗 https://loom.ly/Q48des8

21.06.2025 02:00 — 👍 4    🔁 2    💬 0    📌 0

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.

13.06.2025 17:16 — 👍 2    🔁 1    💬 1    📌 0

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.

13.06.2025 10:19 — 👍 0    🔁 1    💬 0    📌 1

Since the Covid19 crisis, several factors have combined to drive up #prices, and inflation risk has changed dramatically. #Centralbanks should be alert to the ‘skew’ of #inflation #risk and rethink their strategies to respond dynamically to it.
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lafonte.eui.eu/2025/03/13/t...

14.03.2025 09:05 — 👍 5    🔁 2    💬 0    📌 0