Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/202909 
Authors: 
Year of Publication: 
2017
Series/Report no.: 
Working Papers No. 17-12
Publisher: 
Federal Reserve Bank of Boston, Boston, MA
Abstract: 
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.
Subjects: 
Federal Reserve
FOMC
central bank communication
interest rates
JEL: 
E43
E52
E58
G12
Document Type: 
Working Paper

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