文章基本信息

标题：Has the Clarity of Humphrey-Hawkins Testimonies Affected Volatility in Financial Markets?
本地全文：下载
作者：David-Jan Jansen
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2008
卷号：1
出版社：De Nederlandsche Bank
摘要：By applying readability statistics to the Humphrey-Hawkins testimonies given by the Federal Reserve Chairman, I test whether the clarity of central bank communication affects volatility in financial markets. There are three key results. First, when clarity matters, the results are unequivocal: clarity diminishes volatility. Second, clarity of communication matters mostly for volatility of medium-term interest rates. Third, the effects of clarity vary over time. Clarity mattered especially, but not exclusively during Alan Greenspan's term at the Federal Reserve. Overall, the analysis shows the importance of transparent communication on monetary policy.
关键词：central bank communication, transparency, readability, financial markets, volatility