01012nam a22001097a 4500008004100000100005000041245003300091260003600124300003400160520067200194773003600866230411b           ||||| |||| 00| 0 eng d  aGorodnichenko, Y., Pham, T. and Talavera, O.   aThe voice of monetary policy  aThe American: Economic Reviews   a113(2), Feb, 2023: p. 548-584  aAuthors 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  aThe American: Economic Reviews