TY - JOUR
T1 - Strategic central bank communication
T2 - Discourse analysis of the Bank of Japan's Monthly Report
AU - Kawamura, Kohei
AU - Kobashi, Yohei
AU - Shizume, Masato
AU - Ueda, Kozo
N1 - Publisher Copyright:
© 2019 Elsevier B.V.
PY - 2019/3
Y1 - 2019/3
N2 - We conduct a discourse analysis of the Bank of Japan's Monthly Report and examine its characteristics in relation to business cycles. We find that ambiguous expressions tend to appear more frequently with negative expressions, and this tendency is more pronounced in recessions. This suggests that the central bank communicates strategically by obfuscating the reports when their private information is unfavorable.
AB - We conduct a discourse analysis of the Bank of Japan's Monthly Report and examine its characteristics in relation to business cycles. We find that ambiguous expressions tend to appear more frequently with negative expressions, and this tendency is more pronounced in recessions. This suggests that the central bank communicates strategically by obfuscating the reports when their private information is unfavorable.
KW - Latent Dirichlet allocation (LDA)
KW - Modality
KW - Monetary policy
KW - Natural language processing
KW - Transparency
KW - Verifiable disclosure model
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U2 - 10.1016/j.jedc.2018.11.007
DO - 10.1016/j.jedc.2018.11.007
M3 - Article
AN - SCOPUS:85060336248
SN - 0165-1889
VL - 100
SP - 230
EP - 250
JO - Journal of Economic Dynamics and Control
JF - Journal of Economic Dynamics and Control
ER -