Does it Pay to Watch Central Bankers' Lips? The Information Content of Ecb Wording
@article{Heinemann2005DoesIP, title={Does it Pay to Watch Central Bankers' Lips? The Information Content of Ecb Wording}, author={Friedrich Heinemann and Katrin Ullrich}, journal={Monetary Economics}, year={2005} }
In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB's communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator reflecting the "hawkishness" of monetary rhetorics. For the construction, we develop an objective algorithm representing a learning process of ECB observers. We then integrate this indicator into a standard…
One Citation
Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
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Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank…
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