Purdah—On the Rationale for Central Bank Silence around Policy Meetings
许多央行在政策会议前后有静默期，看似违背透明度原则，但可避免市场过度波动。本文研究美联储静默期，发现市场对会议前后的沟通敏感度高出3-4倍，且波动性增加。
Many central banks share the practice of purdah , a guideline of abstaining from communication around policy meetings. Although seemingly contradicting the virtue of transparency by withholding information precisely when it is sought after intensely, it has been justified on grounds that such communication may create excessive market volatility. This paper assesses the purdah for the Federal Reserve and confirms that financial markets are substantially more sensitive to central bank communication around policy meetings. Short‐term interest rates react three to four times more strongly in the purdah before Federal Open Market Committee meetings than otherwise, and volatility increases (compared to a reduction otherwise).