000			01101nam a22001457a 4500
999			_c522448 _d522448
008			230411b ||||| |||| 00| 0 eng d
100			_aGorodnichenko, Y., Pham, T. and Talavera, O. _940118
245			_aThe voice of monetary policy
260			_aThe American: Economic Reviews
300			_a113(2), Feb, 2023: p. 548-584
520			_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
773			_aThe American: Economic Reviews
906			_aMONETARY POLICY
942			_cAR