Heinemann, Friedrich; Ullrich, Katrin - In: Swiss Journal of Economics and Statistics 143 (2007) 2, pp. 155-185
In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. We construct a wording indicator reflecting the "hawkishness" of monetary rhetorics. For the construction, we develop an objective algorithm representing a learning...