{"id":1006,"date":"2019-06-05T10:49:39","date_gmt":"2019-06-05T08:49:39","guid":{"rendered":"http:\/\/www.christophbertsch.com\/?p=1006"},"modified":"2019-06-05T10:50:24","modified_gmt":"2019-06-05T08:50:24","slug":"new-version-of-spread-the-word-international-spillovers-from-central-bank-communication","status":"publish","type":"post","link":"https:\/\/www.christophbertsch.com\/?p=1006","title":{"rendered":"New version of &#8220;Spread the Word: International Spillovers from Central Bank Communication&#8221;"},"content":{"rendered":"<p><strong><a title=\"Spread the Word: International Spillovers from Central Bank Communication\" href=\"http:\/\/www.christophbertsch.com\/data\/ABHZ_CBCommunicationSpillovers.pdf\" target=\"_blank\" rel=\"noopener\">&#8220;Spread the Word: International Spillovers from Central Bank Communication&#8221;<\/a><\/strong> with Hanna Armelius, <a title=\"Isaiah Hull's homepage\" href=\"http:\/\/www.isaiahhull.com\" target=\"_blank\" rel=\"noopener\">Isaiah Hull<\/a> and <a title=\"Xin Zhang's homepage\" href=\"http:\/\/sites.google.com\/site\/zhangxinphd\/\" target=\"_blank\" rel=\"noopener\">Xin Zhang<\/a> (all at Sveriges Riksbank)<br \/>\n(This version: 05\/2019; First version: 09\/2018; <a title=\"Sveriges Riksbank Working Paper No. 357\" href=\"https:\/\/www.riksbank.se\/globalassets\/media\/rapporter\/working-papers\/2018\/no.-357-spread-the-word-international-spillovers-from-central-bank-communication.pdf\" target=\"_blank\" rel=\"noopener\"><em>Sveriges Riksbank Working Paper No. 357<\/em><\/a>)<\/p>\n<ul>\n<li>Abstract:<\/li>\n<\/ul>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>We construct a novel text dataset to measure the sentiment component of communications for 23 central banks over the 2002-2017 period. Our analysis yields three results. First, comovement in sentiment across central banks is not reducible to trade or financial flow exposures. Second, sentiment shocks generate cross-country spillovers in sentiment, policy rates, and macroeconomic variables; and the Fed appears to be a uniquely influential generator of such spillovers, even among prominent central banks. And third, geographic distance is a robust and economically significant determinant of comovement in central bank sentiment, while shared language and colonial ties have weaker predictive power. (JEL E52, E58, F42)<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Keywords: communication, monetary policy, international policy transmission.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Spread the Word: International Spillovers from Central Bank Communication&#8221; with Hanna Armelius, Isaiah Hull and Xin Zhang (all at Sveriges Riksbank) (This version: 05\/2019; First version: 09\/2018; Sveriges Riksbank Working Paper No. 357) Abstract: We construct a novel text dataset &hellip; <a href=\"https:\/\/www.christophbertsch.com\/?p=1006\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,74,75,49,76],"tags":[],"class_list":["post-1006","post","type-post","status-publish","format-standard","hentry","category-academic-research","category-communication","category-international-policy-transmission","category-monetary-policy","category-textual-analysis"],"_links":{"self":[{"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=\/wp\/v2\/posts\/1006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1006"}],"version-history":[{"count":2,"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=\/wp\/v2\/posts\/1006\/revisions"}],"predecessor-version":[{"id":1008,"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=\/wp\/v2\/posts\/1006\/revisions\/1008"}],"wp:attachment":[{"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.christophbertsch.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}