Gorodnichenko, Yuriy and Pham, Tho (Accepted: 2024) Central Bank Communication on Social Media: What, To Whom, and How? Journal of Econometrics. ISSN 0304-4076 (In Press)
Abstract
This study answers three questions about central bank communication on Twitter: what was communicated, who were listeners, and how they reacted. Using various natural language processing techniques, we identify the main topics discussed by the Fed and major audiences. While the Fed tweets talking about central banking topics attract greater attention from Twitter users, only the extensive margin is economically meaningful. Among all groups of users, the media accounts and economists are most active in engaging with the Fed, especially when discussing central banking-related issues. We also show that information extracted from the tweets can provide a real-time, qualitative diagnostic for inflation expectations and some reactions of these Twitter-based inflation expectations to policy action and communication.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | This is an author-produced version of the published paper. Uploaded in accordance with the University’s Research Publications and Open Access policy. |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Depositing User: | Pure (York) |
Date Deposited: | 01 Oct 2024 11:40 |
Last Modified: | 17 Oct 2024 08:56 |
Status: | In Press |
Refereed: | Yes |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:217809 |
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Filename: accepted_manuscript.pdf
Description: accepted_manuscript
Licence: CC-BY 2.5
