The Central Bank of Chile's communication about monetary policy has been effective, especially after the global financial crisis. By analyzing statements, minutes, and reports, researchers found that policy actions are predictable. Equity prices and the exchange rate respond to policy surprises, but not consistently. Minutes have a stronger impact on market participants, especially when indicating an economic boost. A 100 basis point increase in interest rates leads to a 2% decrease in economic activity after a year, while inflation is less affected.