IDEAS home Printed from https://ideas.repec.org/a/lus/reveco/v65y2014i1p53-76.html
   My bibliography  Save this article

How Informative Are Central Bank Minutes?

Author

Listed:
  • Apel Mikael

    (Monetary Policy Department, Sveriges Riksbank)

  • Grimaldi Marianna Blix

    (General Staff Department, The Swedish National Debt Office)

Abstract

One characteristic feature of central banks today is that policy decisions are almost exclusively made by a committee rather than by a single policy maker. Another is that central banks endeavour to be transparent. Together, this has brought to the fore an important but so far unresolved issue: how much information about the committee’s deliberations should the central bank reveal? Does this kind of information make monetary policy easier to understand and predict, or does it make it harder? We address this issue by employing a novel method. We measure the sentiment and tone of the minutes of the Swedish central bank using an automated content analysis that converts the qualitative information in the minutes to a quantitative measure. We find that this measure is helpful in predicting future policy rate decisions.

Suggested Citation

  • Apel Mikael & Grimaldi Marianna Blix, 2014. "How Informative Are Central Bank Minutes?," Review of Economics, De Gruyter, vol. 65(1), pages 53-76, April.
    • Handle: RePEc:lus:reveco:v:65:y:2014:i:1:p:53-76
    DOI: 10.1515/roe-2014-0104
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/roe-2014-0104
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/roe-2014-0104?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lus:reveco:v:65:y:2014:i:1:p:53-76. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.