Do extreme events have a significant effect about textual sentiment? The purpose of this article is to highlight the need to correct the estimation of indicators of economic uncertainty. The indicators were constructed from textual data about the perspective of extreme events. For this purpose,...

Wer langfristig am Markt bestehen will, kommt am Thema Daten nicht vorbei. Richtig ist aber auch, dass nicht jedes Unternehmen die gleichen Datenpotenziale einlösen kann. Die hohe Erwartungshaltung, was das Potenzial der Daten angeht, wird stark durch den Erfolg weniger Konzerne bestimmt, den...

Central banks around the world have revised their operating frameworks in an attempt to counter the challenges presented by the effective lower bound (ELB) on policy rates. We examine how private sector agents might learn such a new regime and the effect of future shocks on that process. In our...

This paper proposes a new framework for analyzing the sentiments of central bank narratives. Specifically, we fine-tune a pre-trained BERT model on a dataset of manually annotated sentences on monetary policy stance. We derive a deep learning domain-specific model – BERT central bank sentiment...

We propose a novel measure of intraday investor attention by using messages sent on Twitter around European Central Bank announcements. We then analyze the market impact of the press conferences conditional on the level of investor attention prior to the announcements. We find that absolute...

Using a randomized controlled trial, we study whether showing German respondents a graph plotting the European Central Bank's inflation target alongside inflation in the euro area from 1999 to 2017 affects respondents' trust in the ECB. The treatment has, on average, no significant effect on the...