| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11018 |
| DP11018 Shocking language: Understanding the macroeconomic effects of central bank communication | |
| Michael McMahon; Stephen Hansen | |
| 发表日期 | 2015-12-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We explore how the multi-dimensional aspects of information released by the FOMC has effects on both market and real economic variables. Using tools from computational linguistics, we measure the information released by the FOMC on the state of economic conditions, as well as the guidance the FOMC provides about future monetary policy decisions. Employing these measures within a FAVAR framework, we find that shocks to forward guidance are more important than the FOMC communication of current economic conditions in terms of their effects on market and real variables. Nonetheless, neither communication has particularly strong effects on real economic variables. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Communication monetary policy Vector autoregression |
| URL | https://cepr.org/publications/dp11018 |
| 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/539847 |
| 推荐引用方式 GB/T 7714 | Michael McMahon,Stephen Hansen. DP11018 Shocking language: Understanding the macroeconomic effects of central bank communication. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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