01101nam a22001457a 4500 522448 522448 230411b ||||| |||| 00| 0 eng d Gorodnichenko, Y., Pham, T. and Talavera, O. 40118 The voice of monetary policy The American: Economic Reviews 113(2), Feb, 2023: p. 548-584 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 The American: Economic Reviews MONETARY POLICY AR 0 0 ddc 0 0 397450 IIPA IIPA 2023-04-11 113(2), Feb, 2023: p.548-584 AR128645 2023-04-11 AR