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More than words : FED chairs' communication during congressional testimonies
Alexopoulos, Michelle; Han, Xinfen; Kryvtsov, Oleksiy; … - 2022 - Last updated: May 5, 2022
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Our measures of Fed Chairs' emotions expressed in words, voice and facial expressions are created using machine learning. Increases in the Chair's...
Persistent link: https://www.econbiz.de/10013189228
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Central bank communication or the media's interpretation : what moves markets?
Hendry, Scott - 2012
The goal of this paper is to investigate what type of information from Bank of Canada communication statements or the … often offset the effects of the Bank's communication statements and were much more likely to increase market volatility …
Persistent link: https://www.econbiz.de/10009504648
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Chinese monetary policy and text analytics : connecting words and deeds
Bailliu, Jeannine N.; Han, Xinfen; Sadaba, Barbara; … - 2021 - Last updated: January 21, 2021
Given China's complex monetary policy framework, the People's Bank of China's (PBOC) monetary policy rule is difficult to infer from its observed behaviour. In this paper, we adopt a novel approach, using text analytics to estimate and interpret the unknown component in the PBOC's reaction...
Persistent link: https://www.econbiz.de/10012418785
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Central bank communication that works : lessons from lab experiments
Kryvtsov, Oleksiy; Petersen, Luba - 2019
We use controlled laboratory experiments to test the causal effects of central bank communication on economic … economic variables, we find that central bank communication has a stabilizing effect on individual and aggregate outcomes and … that the size of the effect varies with the type of communication. Announcing past interest rate changes has the largest …
Persistent link: https://www.econbiz.de/10012017675
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A horse race of monetary policy regimes : an experimental investigation
Kostyshyna, Olena; Petersen, Luba; Yang, Jing - 2022 - Last updated: July 15, 2022
We provide a comprehensive assessment of five monetary policy regimes-inflation targeting (IT), dual mandate (DM), average inflation targeting under 4-period (AIT-4) and 10-period (AIT-10) horizons, price level targeting (PLT), and nominal GDP level targeting (NGDP)-in a unified experimental...
Persistent link: https://www.econbiz.de/10013280118
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The role of bank capital in the propagation of shocks
Meh, Césaire Assah (contributor); Moran, Kevin (contributor) - 2008
Recent events in financial markets have underlined the importance of analyzing the link between the financial health of banks and real economic activity. This paper contributes to this analysis by constructing a dynamic general equilibrium model in which the balance sheet of banks affects the...
Persistent link: https://www.econbiz.de/10003773059
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Monetary policy lag, zero lower bound, and inflation targeting
Nishiyama, Shin-Ichi (contributor) - 2009
Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of...
Persistent link: https://www.econbiz.de/10003790614
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Computing the accuracy of complex non-random sampling methods : the case of the Bank of Canada's Business Outlook Survey
De Munnik, Daniel; Dupuis, David; Illing, Mark - 2009
A number of central banks publish their own business conditions survey based on non-random sampling methods. The results of these surveys influence monetary policy decisions and thus affect expectations in financial markets. To date, however, no one has computed the statistical accuracy of these...
Persistent link: https://www.econbiz.de/10003823140
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Central bank performance under inflation targeting
Gosselin, Marc-André (contributor) - 2007
The inflation targeting (IT) regime is 17 years old. With practice of IT now in more than 21 countries, there is enough evidence gathered to take stock of the IT experience. In this paper, we analyze the inflation record of IT central banks. We extend the work of Albagli and Schmidt-Hebbel...
Persistent link: https://www.econbiz.de/10003462994
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Monetary policy committees in action : is there room for improvement?
Maier, Philipp (contributor) - 2007
More than 80 central banks use a committee to take monetary policy decisions. The composition of the committee and the structure of the meeting can affect the quality of the decision making. In this paper we review economic, experimental, sociological and psychological studies to identify...
Persistent link: https://www.econbiz.de/10003463665