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sentiment of the ECB's communication. Additionally, we employ topic modeling to develop an inflation focused tone index. By …. Our findings indicate a recent shift towards a more inflation-centered communication approach by the ECB. Preliminary …
Persistent link: https://www.econbiz.de/10015329445
The paper aims to estimate the effects of the European Central Bank communications on the sectoral returns of STOXX Europe 600 from 2013 to 2021. Previous literature has investigated the effects of communications of central banks and checked their effects on macroeconomics and financial data....
Persistent link: https://www.econbiz.de/10013288849
We measure soft information contained in the U.S. Federal Reserve Chairs' congressional testimonies and analyze its effect on financial markets. Our measures of Fed Chair's emotions expressed via his/her words, voice and face are created using machine learning. Increases in the Chair's text-,...
Persistent link: https://www.econbiz.de/10013292810
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …
Persistent link: https://www.econbiz.de/10013315444
to revert to other types of Fed communication in the inter-meeting periods, and come to their own assessment of the …
Persistent link: https://www.econbiz.de/10013318680
We ask how central banks can change their communication in order to receive greater newspaper coverage. We write down a … communication in such a way that newspapers choose to report it, while still retaining the message the central bank wishes to convey … measures of news coverage in order to determine what causes central bank communication to be reported on will likely prove to …
Persistent link: https://www.econbiz.de/10013322399
information channels. In this article, we address this question by comparing the communication of the European Central Bank (ECB …) in parliamentary hearings to its communication in the regular press conferences that follow monetary policy decisions …
Persistent link: https://www.econbiz.de/10013332901
The aim of central bank communication is to provide information on monetary policy and the economic outlook in a timely … manner to the public. While research on central bank communication and specifically the European Central Bank's press … conference has shown that it has the potential to move markets, in-depth textual analysis of key communication tools creates room …
Persistent link: https://www.econbiz.de/10013448668
of central bank communication has increased over time. Employing readability measures as proxy variables, we find that …
Persistent link: https://www.econbiz.de/10014472794
Central bank communications are an important tool for guiding the economy and fulfilling monetary policy goals. Natural language processing (NLP) algorithms have been used to analyze central bank communications. These outdated bag-of-words methods often ignore context and cannot distinguish who...
Persistent link: https://www.econbiz.de/10014513983