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To which degree can variation in sentiment-based indicators of central bank communication be attributed to changes in …
Persistent link: https://www.econbiz.de/10014256942
We study the effects of central bank communication about financial stability on individuals’ expectations and risk …-taking. Using a randomized information experiment, we show that communication causally affects individuals’ beliefs and investment … behavior, consistent with an expectations channel of financial stability communication. Individuals receiving a warning from …
Persistent link: https://www.econbiz.de/10012489541
central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President's introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. -- ECB ; central bank ; communication …
Persistent link: https://www.econbiz.de/10003872830
central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President's introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. -- ECB ; central bank ; communication …
Persistent link: https://www.econbiz.de/10003919419
The causal effects of central bank communication on economic expectations and their underlying mechanisms are tested in … controlled laboratory experiments. We find that central bank communication has a stabilizing effect on individual and aggregate … outcomes, and the size of the effect varies with the type of communication. Announcing past interest rate changes has the …
Persistent link: https://www.econbiz.de/10012835263
Does it matter what the central bank had said during a monetary policy announcement? The paper proposes a new approach to identifying the effects of forward guidance taking into account what the central bank had said and how financial markets perceived it. I use computational linguistic methods...
Persistent link: https://www.econbiz.de/10013233323
-FX correlations. I find that a negative tone in central banks’ communication results to a lower stock-bond correlation, which supports …
Persistent link: https://www.econbiz.de/10013249487
Dictionary approaches are at the forefront of current techniques for quantifying central bank communication. This paper … bank communication literature, as well as introduce a novel approach to text quantification from computational linguistics …
Persistent link: https://www.econbiz.de/10012608497
´s monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price …
Persistent link: https://www.econbiz.de/10012828078
's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price …
Persistent link: https://www.econbiz.de/10012244764