01221nam a22001577a 4500999001900000008004100019100005700060245003300117260003600150300003400186520067200220773003600892906002000928942000700948952010800955  c522448d522448230411b           ||||| |||| 00| 0 eng d  aGorodnichenko, Y., Pham, T. and Talavera, O. 940118  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   aMONETARY POLICY  cAR  00102ddc40709397450aIIPAbIIPAd2023-04-11h113(2), Feb, 2023: p.548-584pAR128645r2023-04-11yAR