Matches in SemOpenAlex for { <https://semopenalex.org/work/W3094514597> ?p ?o ?g. }
Showing items 1 to 86 of
86
with 100 items per page.
- W3094514597 abstract "We apply a natural language processing algorithm to FOMC statements to construct a new measure of monetary policy stance, including the tone and novelty of a policy statement. We exploit cross-sectional variations across alternative FOMC statements to identify the tone (for example, dovish or hawkish), and contrast the current and previous FOMC statements released after Committee meetings to identify the novelty of the announcement. We then use high-frequency bond prices to compute the surprise component of the monetary policy stance. Our text-based estimates of monetary policy surprises are not sensitive to the choice of bond maturities used in estimation, are highly correlated with forward guidance shocks in the literature, and are associated with lower stock returns after unexpected policy tightening. The key advantage of our approach is that we are able to conduct a counterfactual policy evaluation by replacing the released statement with an alternative statement, allowing us to perform a more detailed investigation at the sentence and paragraph level." @default.
- W3094514597 created "2020-10-29" @default.
- W3094514597 creator A5004617034 @default.
- W3094514597 creator A5015498859 @default.
- W3094514597 creator A5049479561 @default.
- W3094514597 date "2020-10-15" @default.
- W3094514597 modified "2023-10-14" @default.
- W3094514597 title "Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements" @default.
- W3094514597 doi "https://doi.org/10.18651/rwp2020-14" @default.
- W3094514597 hasPublicationYear "2020" @default.
- W3094514597 type Work @default.
- W3094514597 sameAs 3094514597 @default.
- W3094514597 citedByCount "1" @default.
- W3094514597 countsByYear W30945145972022 @default.
- W3094514597 crossrefType "journal-article" @default.
- W3094514597 hasAuthorship W3094514597A5004617034 @default.
- W3094514597 hasAuthorship W3094514597A5015498859 @default.
- W3094514597 hasAuthorship W3094514597A5049479561 @default.
- W3094514597 hasBestOaLocation W30945145971 @default.
- W3094514597 hasConcept C108650721 @default.
- W3094514597 hasConcept C126285488 @default.
- W3094514597 hasConcept C127413603 @default.
- W3094514597 hasConcept C136764020 @default.
- W3094514597 hasConcept C138885662 @default.
- W3094514597 hasConcept C154945302 @default.
- W3094514597 hasConcept C15744967 @default.
- W3094514597 hasConcept C162324750 @default.
- W3094514597 hasConcept C165696696 @default.
- W3094514597 hasConcept C185824701 @default.
- W3094514597 hasConcept C189722922 @default.
- W3094514597 hasConcept C202655504 @default.
- W3094514597 hasConcept C204036174 @default.
- W3094514597 hasConcept C2777026412 @default.
- W3094514597 hasConcept C2777206241 @default.
- W3094514597 hasConcept C2777530160 @default.
- W3094514597 hasConcept C2778738651 @default.
- W3094514597 hasConcept C2780343955 @default.
- W3094514597 hasConcept C38652104 @default.
- W3094514597 hasConcept C41008148 @default.
- W3094514597 hasConcept C41895202 @default.
- W3094514597 hasConcept C556758197 @default.
- W3094514597 hasConcept C77805123 @default.
- W3094514597 hasConcept C78519656 @default.
- W3094514597 hasConcept C88583849 @default.
- W3094514597 hasConceptScore W3094514597C108650721 @default.
- W3094514597 hasConceptScore W3094514597C126285488 @default.
- W3094514597 hasConceptScore W3094514597C127413603 @default.
- W3094514597 hasConceptScore W3094514597C136764020 @default.
- W3094514597 hasConceptScore W3094514597C138885662 @default.
- W3094514597 hasConceptScore W3094514597C154945302 @default.
- W3094514597 hasConceptScore W3094514597C15744967 @default.
- W3094514597 hasConceptScore W3094514597C162324750 @default.
- W3094514597 hasConceptScore W3094514597C165696696 @default.
- W3094514597 hasConceptScore W3094514597C185824701 @default.
- W3094514597 hasConceptScore W3094514597C189722922 @default.
- W3094514597 hasConceptScore W3094514597C202655504 @default.
- W3094514597 hasConceptScore W3094514597C204036174 @default.
- W3094514597 hasConceptScore W3094514597C2777026412 @default.
- W3094514597 hasConceptScore W3094514597C2777206241 @default.
- W3094514597 hasConceptScore W3094514597C2777530160 @default.
- W3094514597 hasConceptScore W3094514597C2778738651 @default.
- W3094514597 hasConceptScore W3094514597C2780343955 @default.
- W3094514597 hasConceptScore W3094514597C38652104 @default.
- W3094514597 hasConceptScore W3094514597C41008148 @default.
- W3094514597 hasConceptScore W3094514597C41895202 @default.
- W3094514597 hasConceptScore W3094514597C556758197 @default.
- W3094514597 hasConceptScore W3094514597C77805123 @default.
- W3094514597 hasConceptScore W3094514597C78519656 @default.
- W3094514597 hasConceptScore W3094514597C88583849 @default.
- W3094514597 hasLocation W30945145971 @default.
- W3094514597 hasOpenAccess W3094514597 @default.
- W3094514597 hasPrimaryLocation W30945145971 @default.
- W3094514597 hasRelatedWork W32980548 @default.
- W3094514597 hasRelatedWork W34230416 @default.
- W3094514597 hasRelatedWork W35787321 @default.
- W3094514597 hasRelatedWork W40577088 @default.
- W3094514597 hasRelatedWork W59523051 @default.
- W3094514597 hasRelatedWork W6293842 @default.
- W3094514597 hasRelatedWork W68353476 @default.
- W3094514597 hasRelatedWork W76472273 @default.
- W3094514597 hasRelatedWork W89093424 @default.
- W3094514597 hasRelatedWork W13170915 @default.
- W3094514597 isParatext "false" @default.
- W3094514597 isRetracted "false" @default.
- W3094514597 magId "3094514597" @default.
- W3094514597 workType "article" @default.