| 000 -LEADER |
|---|
| fixed length control field |
01101nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
230411b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Gorodnichenko, Y., Pham, T. and Talavera, O. |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
The voice of monetary policy |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
The American: Economic Reviews |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
113(2), Feb, 2023: p. 548-584 |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
Authors develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Federal Reserve's actions and the sentiment in policy texts, a positive tone in the voices of Federal Reserve chairs leads to significant increases in share prices. Other financial variables also respond to vocal cues from the chairs. Hence, how policy messages are communicated can move the financial market. Our results provide implications for improving the effectiveness of central bank communications.- Reproduced |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
The American: Economic Reviews |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
MONETARY POLICY |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Item type |
Articles |
