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Federal Reserve communications and newswire coverage

Listed author(s):
  • Matthias Neuenkirch

In this article, we explore the determinants of newswire coverage of Federal Reserve (Fed) communications. Our sample covers all 344 forward-looking communications made in the period May 1999 to May 2004. We find, first, that there is a higher likelihood of newswire coverage for monetary policy reports and speeches by Chairman Greenspan than for testimony and speeches by other Fed members. Furthermore, communications with an explicit monetary policy inclination or tone different from the current interest rate path are particularly likely to be covered. However, the release of important macroeconomic news reduces the likelihood of newswire coverage. Second, speeches by regional Fed presidents are relatively less likely to be reported than speeches by Board members. Nevertheless, newswire coverage of Fed president speeches is more likely if central bank communication is stale. Finally, our results indicate that Ben Bernanke played a distinguished role even before his Chairmanship.

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File URL: http://hdl.handle.net/10.1080/00036846.2014.922676
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Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 46 (2014)
Issue (Month): 25 (September)
Pages: 3119-3129

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Handle: RePEc:taf:applec:v:46:y:2014:i:25:p:3119-3129
DOI: 10.1080/00036846.2014.922676
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  1. Noll, Roger G., 0. "Urban Concentration: Prospects And Implications," Increasing Understanding of Public Problems and Policies, Farm Foundation.
  2. Michael Ehrmann & David Sondermann, 2009. "The reception of public signals in financial markets – what if central bank communication becomes stale?," NBP Working Papers 66, Narodowy Bank Polski, Economic Research Department.
  3. Hayo, Bernd & Neuenkirch, Matthias, 2012. "Bank of Canada communication, media coverage, and financial market reactions," Economics Letters, Elsevier, vol. 115(3), pages 369-372.
  4. Hayo, Bernd & Neuenkirch, Matthias, 2010. "Do Federal Reserve communications help predict federal funds target rate decisions?," Journal of Macroeconomics, Elsevier, vol. 32(4), pages 1014-1024, December.
  5. Michael Ehrmann & Marcel Fratzscher, 2007. "Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 509-541, 03.
  6. Atif Mian & Amir Sufi & Francesco Trebbi, 2010. "The Political Economy of the US Mortgage Default Crisis," American Economic Review, American Economic Association, vol. 100(5), pages 1967-1998, December.
  7. repec:pri:cepsud:161blinder is not listed on IDEAS
  8. Bernd Hayo & Ali M. Kutan & Matthias Neuenkirch, 2008. "Financial Market Reaction to Federal Reserve Communications: Does the Crisis Make a Difference?," MAGKS Papers on Economics 200808, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
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