Non-Monetary News in Central Bank Communication

Anna Cieslak, Andreas Schrimpf

NBER Working Paper No. 25032
Issued in September 2018

---- Acknowledgments ----

We thank Manuel Adelino, Ryan Banerjee, Ravi Bansal, Tim Bollerslev, Jordi Gali, Refet Gurkaynak, Sam Hanson, Tim Kroencke, Michael McMahon, Chris Neely, Hyun Shin, Roland Straub, Viktor Todorov, Brian Weller, Ken West, and seminar participants at the NBER International Seminar on Macroeconomics (ISoM) and the Bank for International Settlements for their valuable comments. We thank Zhongtian Chen, Hao Pang, Tania Romero, and Song Xiao for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the Bank for International Settlements (BIS) or the National Bureau of Economic Research.

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