Transparency and deliberation within the FOMC: A computational linguistics approach
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- dc.contributor.author Hansen, Stephen Eliotca
- dc.contributor.author McMahon, Michaelca
- dc.contributor.author Prat, Andreaca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T12:07:56Z
- dc.date.available 2017-07-26T12:07:56Z
- dc.date.issued 2014-05-01
- dc.date.modified 2017-07-23T02:16:13Z
- dc.description.abstract How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We exploit a natural experiment in the Federal Open Market Committee in 1993 together with computational linguistic models (particularly Latent Dirichlet Allocation) to measure the effect of increased transparency on debate. Commentators have hypothesized both a beneficial discipline effect and a detrimental conformity effect. A difference-in-differences approach inspired by the career concerns literature uncovers evidence for both effects. However, the net effect of increased transparency appears to be a more informative deliberation process.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1425
- dc.identifier.uri http://hdl.handle.net/10230/22572
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1425
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword monetary policy
- dc.subject.keyword deliberation
- dc.subject.keyword fomc
- dc.subject.keyword transparency
- dc.subject.keyword career concerns
- dc.subject.keyword Business Economics and Industrial Organization
- dc.title Transparency and deliberation within the FOMC: A computational linguistics approachca
- dc.type info:eu-repo/semantics/workingPaper