Journal article
Transparency and deliberation within the FOMC: a computational linguistics approach
- Abstract:
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How does transparency, a key feature of central bank design, affect monetary policymakers’ deliberations? Theory predicts a positive discipline effect and negative conformity effect. We empirically explore these effects using a natural experiment in the Federal Open Market Committee in 1993 and computational linguistics algorithms. We first find large changes in communication patterns after transparency. We then propose a difference-in-differences approach inspired by the career concerns lite...
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- Publication status:
- Published
- Peer review status:
- Peer reviewed
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- Files:
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(Preview, Accepted manuscript, pdf, 2.6MB, Terms of use)
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- Publisher copy:
- 10.1093/qje/qjx045
Authors
Funding
Bibliographic Details
- Publisher:
- Oxford University Press
- Journal:
- Quarterly Journal of Economics More from this journal
- Volume:
- 133
- Issue:
- 2
- Pages:
- 801–870
- Publication date:
- 2017-10-31
- Acceptance date:
- 2017-09-23
- DOI:
- EISSN:
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1531-4650
- ISSN:
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0033-5533
Item Description
- Pubs id:
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pubs:747064
- UUID:
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uuid:a3818f48-ccb7-4ab8-be6b-d9fde5ac13c0
- Local pid:
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pubs:747064
- Source identifiers:
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747064
- Deposit date:
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2017-11-20
Terms of use
- Copyright holder:
- Hansen et al
- Copyright date:
- 2017
- Notes:
- Copyright © 2017 The Authors. Published by Oxford University Press on behalf of the President and Fellows of Harvard College. This is the accepted manuscript version of the article. The final version is available online from Oxford University Press at: https://doi.org/10.1093/qje/qjx045
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