Perceived monetary policy uncertainty

被引：10
|
作者：
Beckmann, Joscha [1 ,2 ]
Czudaj, Robert L. [3 ]
机构：
[1] Fernuniv, Fac Business Adm & Econ, Chair Macroecon, Univ Str 11, D-58097 Hagen, Germany
[2] Kiel Inst World Econ, Hindenburgufer 66, D-24105 Kiel, Germany
[3] Tech Univ Bergakad Freiberg, Fac Econ & Business, Chair Econ, Particular Monetary Macroecon, Schlosspl 1, D-09599 Freiberg, Germany
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2023年 / 130卷
关键词：
Expectations; Media; Monetary policy; Survey data; Uncertainty; CENTRAL BANK COMMUNICATION; FEDERAL-RESERVE; EXPECTATIONS;
D O I：
10.1016/j.jimonfin.2022.102761
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines whether media attention affects the macroeconomic effects of mon-etary policy uncertainty. We combine survey data from Consensus Economics and data on media attention from MarketPsych to distinguish between uncertainty and perceived uncertainty among the public. We assess the corresponding nonlinear effects on stock returns, the growth of industrial production, and inflation. Our results confirm that mone-tary policy uncertainty tends to have negative effects on production growth and stock returns. In particular for industrial production, such effects tend to be stronger in case of higher media coverage which acts as a propagation mechanism.(c) 2022 Elsevier Ltd. All rights reserved.
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页数：24
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