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BibTex format

@article{Hansen:2018:qje/qjx045,
author = {Hansen, S and McMahon, M and Prat, A},
doi = {qje/qjx045},
journal = {The Quarterly Journal of Economics},
pages = {801--870},
title = {Transparency and deliberation within the FOMC: a computational linguistics approach*},
url = {http://dx.doi.org/10.1093/qje/qjx045},
volume = {133},
year = {2018}
}

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TY  - JOUR
AB  - How does transparency, a key feature of central bank design, affect monetary policy makers’ deliberations? Theory predicts a positive discipline effect and negative conformity effect. We empirically explore these effects using a natural experiment in the Federal Open Market Committee in 1993 and computational linguistics algorithms. We first find large changes in communication patterns after transparency. We then propose a difference-in-differences approach inspired by the career concerns literature, and find evidence for both effects. Finally, we construct an influence measure that suggests the discipline effect dominates.
AU  - Hansen,S
AU  - McMahon,M
AU  - Prat,A
DO  - qje/qjx045
EP  - 870
PY  - 2018///
SN  - 0033-5533
SP  - 801
TI  - Transparency and deliberation within the FOMC: a computational linguistics approach
T2  - The Quarterly Journal of Economics
UR  - http://dx.doi.org/10.1093/qje/qjx045
UR  - http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000435871300006&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=1ba7043ffcc86c417c072aa74d649202
UR  - https://academic.oup.com/qje/article/133/2/801/4582916
VL  - 133
ER  -

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