New publication (co-authored with @leek_lauren)! Excited to see our paper: "How Central Bank Independence Shapes Monetary Policy Communication: A Large Language Model Application" published in the EJPE. A thread below:.

Also, we just updated our website with some cool new features: dynamic wordclouds and new maps, so do check it out!.

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We show that these results are not, as generally is assumed, confounded by general changes in communication over time or singular events including the Global Financial Crisis or financial supervision changes and many more!

We test the mechanism chain by showing that increased pressures relate to increased communication.

Employing a staggered difference-in-differences and an instrumental variable approach, we find robust evidence that an increase in independence decreases the narrow focus on price stability and increases financial pressures discussed in monetary policy communication.

We fine-tune and validate a Large Language Model (Google’s Gemini) to develop novel textual indices of policy pressures regarding monetary policy communication of central banks in speeches of 100 central banks from 1997 to 2023. See for the data:)

We argue that increases in CBI alter the pressures central banks face, compelling them to address these pressures to maintain their reputation. An increase in CBI decreases the narrow focus on price stability and increases financial pressures discussed in their communication.

Although central bank communication is a core monetary policy and accountability tool for central banks, little is known about what shapes it. This paper develops and tests a theory regarding a previously unconsidered variable: **central bank independence** (CBI).

based on my tweets which public figure do i remind you of @grok?.

Can the time it takes to count votes be used as an indicator of local administrative quality? Bavaria naturally going strong.

😂 Manchmal ist diese Plattform immernoch pures Gold 🏆.

A person like this doesn't exist. An IQ of 276 is 11.7 standard deviations above the mean. Given its normal distribution, the probability of a single person having this IQ is ~10^(-32). Multiply with the world population and you still get a number that is zero by all accounts.

RT @KhoaVuUmn: I don't know how applied economists claim to do empirical economics without reading Karl Marx's classic "Das Differerence-in….

SPD and some economists do not believe in the Atkinson-Stiglitz Theorem.

Shrinkflation Müsli Edition.

RT @leek_lauren: New blog on our Central Bank Talk website which is joint work with @simeonbischl :) do check it ou….

Macroeconomics PhD course

Since this talks about Florence I have to say that I would like the ECB to prevent future floods in Florence 😄 Also I'm sure it's bad for price stability if some of its future employees are under water!

RT @AnnaSophieZech: Check out this website that my dear friend and colleague @leek_lauren set up together with @simeonbischl ! Central bank….

RT @leek_lauren: It’s live! The past few days @simeonbischl and I have had some intense coding sessions and we are happy to share the resul….