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Decoding central bank communications with large language models
DOI:10.1016/j.intfin.2026.102325.png)
Abstract
En 中文
• We develop a way to measure the “Procedural Linguistic Minutes Information Shocks”. • The shocks quantify the extra linguistic information in the Minutes beyond the Statements. • We identify the causal impact of the shocks on expectations about interest rate.
Keywords:
FOMC
Central bank communications
Announcement effects
High-frequency data
Text analysis
Information shocks
C53
C55
C58
E44
E52
E58
E71
G41
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