Arbeitspapier
FOMC communication and interest rate sensitivity to news
In this paper, I examine whether communications by the Federal Open Market Committee (FOMC) play a role in determining the types of macroeconomic news that financial markets pay attention to. To do so, I construct novel measures of the intensity with which FOMC statements and meeting minutes discussed labor relative to other topics. I find that these labor topic intensity measures are related to the amount by which interest rates' response to labor-related news exceeds their response to all other news. This relationship is especially strong for interest rates of longer maturities and is also present for short-term interest rate expectations over various horizons.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Papers ; No. 17-12
- Classification
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Central Banks and Their Policies
Asset Pricing; Trading Volume; Bond Interest Rates
- Subject
-
Federal Reserve
FOMC
central bank communication
interest rates
- Event
-
Geistige Schöpfung
- (who)
-
Tang, Jenny
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of Boston
- (where)
-
Boston, MA
- (when)
-
2017
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Tang, Jenny
- Federal Reserve Bank of Boston
Time of origin
- 2017
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