Starting from a blank page? Semantic similarity in central bank communication and market volatility

Michael Ehrmann and Jonathan Talmi ()

No 2023, Working Paper Series from European Central Bank

Abstract: Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy of central banks. Due to their market-moving potential, it is particularly important how they are drafted. Often, central banks start from the previous statement, and update the earlier text at the margin. This makes it straightforward to compare statements and see how the central bank JEL Classification: E43, E52, E58

Keywords: ARCH models; Bank of Canada; central bank communication; semantic similarity; volatility (search for similar items in EconPapers)
Date: 2017-02
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: 203739
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Citations: View citations in EconPapers (10)

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Related works:
Journal Article: Starting from a blank page? Semantic similarity in central bank communication and market volatility (2020)
Working Paper: Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20172023

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