Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/93510
Authors: 
Neuenkirch, Matthias
Year of Publication: 
2013
Series/Report no.: 
Joint Discussion Paper Series in Economics 30-2013
Abstract: 
In this paper, we explore the determinants of media coverage of Federal Reserve (Fed) communications. Our sample covers all 344 forward-looking communications made in the period May 1999-May 2004. We find, first, that there is a higher likelihood of media coverage for monetary policy reports and speeches by Greenspan than for testimony and speeches by other Fed members. Furthermore, communications with an explicit monetary policy inclination or tone different from the current interest rate path are particularly likely to be covered. However, the release of important macroeconomic news reduces the likelihood of media coverage. Second, speeches by regional Fed presidents are relatively less likely to be reported than speeches by Board members. Nevertheless, media coverage of Fed president speeches is more likely if central bank communication is stale. Finally, our results indicate that Ben Bernanke played a distinguished role even before his chairmanship.
Subjects: 
Central Bank Communication
Federal Open Market Committee
Federal Reserve
Newswire Coverage
Monetary Policy
JEL: 
D83
E52
E58
Document Type: 
Working Paper

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