000			01575nab a2200277 c 4500
999			_c147298 _d147298
003			ES-MaIEF
005			20230417121336.0
007			ta
008			230417t2023 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_954195 _aGorodnichenko, Yuriy
245		4	_aThe voice of monetary policy _c by Yuriy Gorodnichenko, Tho Pham and Oleksandr Talavera
500			_aResumen.
504			_aBibliografía.
520			_aWe develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Federal Reserve's actions and the sentiment in policy texts, a positive tone in the voices of Federal Reserve chairs leads to significant increases in share prices. Other financial variables also respond to vocal cues from the chairs. Hence, how policy messages are communicated can move the financial market. Our results provide implications for improving the effectiveness of central bank communications.
650		4	_947736 _aMERCADOS FINANCIEROS
650		4	_948062 _aPOLITICA MONETARIA
650		4	_946898 _aINFORMACIONES FINANCIERAS
650		4	_940352 _aCOMUNICACION
650		4	_932203 _aASPECTOS PSICOLOGICOS
650		4	_aESTADOS UNIDOS _942888
700	1		_970479 _aPham, Tho
700	1		_970480 _aTalavera, Oleksandr
773	0		_9169076 _oOP 234/2023/2 _tThe American Economic Review _w(IEF)103372 _x 0002-8282 _g v. 113, n. 2, Fabruary 2023, p. 279-316
942			_cART