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  1. Breaking monetary policy news
    the role of mass media coverage of ECB announcements for public inflation expectations
    Author: Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A.
    Published: February 2023
    Publisher:  CESifo, Munich, Germany

    Using the variation in national television news of four major member states in the Eurozone, we find causal effects of coverage of high-frequency identified monetary policy announcements on households' inflation expectations in an event study and a... more

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    Using the variation in national television news of four major member states in the Eurozone, we find causal effects of coverage of high-frequency identified monetary policy announcements on households' inflation expectations in an event study and a generalized Difference-in-Differences approach with stacked data. If a monetary policy decision receives news coverage, the adaptation of inflation expectations is stronger than without coverage. Second, we find that coverage of 'delphic' monetary policy announcements, which are primarily informational in nature, leads to an inverse adjustment, i.e., expansionary shocks lead to households lowering their inflation expectations, as opposed to coverage of a textbook, 'odyssean', monetary policy shock.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271929
    Series: CESifo working papers ; 10285 (2023)
    Subjects: inflation expectations; media coverage; transmission of monetary policy; quasi-experimental evidence
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  2. "Whatever It Takes!"
    how tonality of TV-news affected government bond yield spreads during the European debt crisis
    Author: Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A.; Thomas, Tobias
    Published: February 2024
    Publisher:  CESifo, Munich, Germany

    Were government bond risk premia affected by the media in addition to the effects of major events? Revisiting the European debt crisis, we analyze the role of television news in the rise and re-convergence of GIIPS bond spreads vis-à-vis Germany from... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    Were government bond risk premia affected by the media in addition to the effects of major events? Revisiting the European debt crisis, we analyze the role of television news in the rise and re-convergence of GIIPS bond spreads vis-à-vis Germany from 2007 to 2016. We use a dataset of more than one million human-coded news items from leading newscasts worldwide to identify over 25,000 news on the Eurozone and country-specific economic topics. Our findings emphasize the relevance of the tonality of news, such that an increasing share of positive (negative) news correlates with a decrease (increase) in spreads. Content-based endogenous clustering of news highlights the importance of news about institutions providing stability and “international financial support” to distressed countries in reducing bond spreads. Moreover, weekend news enables us to establish a causal link between country-specific news coverage and changes in spreads on the subsequent trading day.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/296069
    Series: CESifo working papers ; 10980 (2024)
    Subjects: media coverage; TV newscast; tonality; Eurozone crisis; GIIPS bond yield spreads
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen