Medium is the message, say Bank of Spain researchers
Coverage of policy decisions has greater impact than central banks’ own comms, study finds
The ways in which central bank decisions are interpreted by the media can have a greater impact on the markets than the authorities’ official communications, new research from the Bank of Spain suggests.
The study, published on January 21, measures the tone in which communications by the US Federal Reserve have been interpreted by the media.
The authors claim the study’s approach “can yield comparable or even superior correlations with financial asset movements” than previous studies, which
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