Rajan, “The Misguided Practice of Earnings Guidance,” Perspectives on Corporate Finance and Strategy, The McKinsey Quarterly, No. 19 (Spring 2006). 4  S. Chen, D. Matsumoto and S. Rajgopal, “Is Silence Golden? An Empirical Analysis of Firms that Stop Giving Quarterly Earnings Guidance,” Journal of Accounting and Economics 51 (2011): 134–50. 2  BIS central bankers’ speeches  economy primarily through policy-rate expectations.
5 The more those expectations are aligned with the policy path necessary to achieve the policy objective, the higher the probability the policy objective will be achieved. 6 The Bank of Canada has become significantly more transparent. We now explain our decisions eight times a year and provide rich supplemental detail in our quarterly Monetary Policy Report.