We estimate a novel text based ideal point model (TV-TBIP) for two main topics central bankers communicate about, namely monetary policy and financial stability. This is used to evaluate the content of speeches based on the ideological position of the speaker. We find that the ECB transitions...

This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...

We combine modern methods from Speech Emotion Recognition and Natural Language Processing with high-frequency financial data to analyze how the vocal emotions and language of ECB President Mario Draghi affect the yield curve of major euro area economies. Vocal emotions significantly impact the...