| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28592 |
| 来源ID | Working Paper 28592 |
| The Voice of Monetary Policy | |
| Yuriy Gorodnichenko; Tho Pham; Oleksandr Talavera | |
| 发表日期 | 2021-03-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We develop a deep learning model to detect emotions embedded in press conferences after the meetings of the Federal Open Market Committee and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Fed’s actions and the sentiment in policy texts, positive tone in the voices of Fed Chairs leads to statistically significant and economically large increases in share prices. In other words, how policy messages are communicated can move the stock market. In contrast, the bond market appears to take few vocal cues from the Chairs. Our results provide implications for improving the effectiveness of central bank communications. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28592 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586266 |
| 推荐引用方式 GB/T 7714 | Yuriy Gorodnichenko,Tho Pham,Oleksandr Talavera. The Voice of Monetary Policy. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28592.pdf（597KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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