This article investigates how uncertainty impacts the effect of monetary policy surprises on stock returns. Using high-frequency US data, we demonstrate that stock markets respond more aggressively to monetary policy surprises during periods of high uncertainty. We also show that uncertainty...

Each person's characteristics may influence that person's behaviors and outcomes. This study builds and uses a new database to estimate experts' performance and boldness based on their experience and characteristics. Our study classifies experts providing inflation forecasts based on their...

We review several existing text analysis methodologies and explain their formal application processes using the open-source software R and relevant packages. Several text mining applications to analyze central bank texts are presented