| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9994 |
| DP9994 Transparency and Deliberation within the FOMC: a Computational Linguistics Approach | |
| Andrea Prat; Michael McMahon; Stephen Hansen | |
| 发表日期 | 2014-05-25 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We exploit a natural experiment in the Federal Open Market Committee in 1993 together with computational linguistic models (particularly Latent Dirichlet Allocation) to measure the effect of increased transparency on debate. Commentators have hypothesized both a beneficial discipline effect and a detrimental conformity effect. A difference-in-differences approach inspired by the career concerns literature uncovers evidence for both effects. However, the net effect of increased transparency appears to be a more informative deliberation process. |
| 主题 | International Macroeconomics ; Industrial Organization |
| 关键词 | monetary policy Deliberation Fomc transparency Career concerns |
| URL | https://cepr.org/publications/dp9994 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538826 |
| 推荐引用方式 GB/T 7714 | Andrea Prat,Michael McMahon,Stephen Hansen. DP9994 Transparency and Deliberation within the FOMC: a Computational Linguistics Approach. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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