Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/323612 
Year of Publication: 
2023
Citation: 
[Journal:] Economists’ Voice [ISSN:] 1553-3832 [Volume:] 20 [Issue:] 1 [Publisher:] De Gruyter [Place:] Berlin [Year:] 2023 [Pages:] 43-53
Publisher: 
De Gruyter, Berlin
Abstract: 
We use text-mining techniques to measure the accessibility and quality of information within the texts of interest rate announcements published by the Bank of Israel over the past decade. We find that comprehension of interest rate announcements published by the Bank of Israel requires fewer years of education than interest rate announcements published by the Federal Reserve and the European Central Bank. In addition, we show that the sentiment within these announcements is aligned with economic fluctuations. We also find that textual uncertainty is correlated with the volatility of the domestic financial market.
Subjects: 
Text mining
Central bank communication
Monetary policy
Financial stability
Interest rate
Text analytics
Text analysis
Bank of Israel
Federal Reserve
European Central Bank
JEL: 
A12
E44
E52
E58
C89
D83
Published Version’s DOI: 
Document Type: 
Article
Document Version: 
Accepted Manuscript (Postprint)
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