| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14021 |
| DP14021 Threats to Central Bank Independence: High-Frequency Identification with Twitter | |
| Francesco Bianchi; Thilo Kind; Howard Kung | |
| 发表日期 | 2019-09-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper presents market-based evidence that President Trump influences expectations about monetary policy. The main estimates use tick-by-tick fed funds futures data and a large collection of Trump tweets criticizing the conduct of monetary policy. These collected tweets consistently advocate that the Fed lowers interest rates. Identification in our high-frequency event study exploits a small time window around the precise time stamp for each tweet. The average effect of these tweets on the expected fed funds rate is strongly statistically significant and negative, with an average cumulative effect of around -10 bps with a peak of -18.5 bps at the longest horizon. Therefore, we provide evidence that market participants do not perceive the Fed as a fully independent institution. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Central bank independence monetary policy Twitter Fed funds target High-frequency identification |
| URL | https://cepr.org/publications/dp14021-1 |
| 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/542907 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Thilo Kind,Howard Kung. DP14021 Threats to Central Bank Independence: High-Frequency Identification with Twitter. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
