The effectiveness of monetary policy and political legitimacy of central banks depend on monetary policymakers ability to communicate through the media. The literature on monetary policy communication remains disconnected from relevant research in communication and media studies. This article uses a new database of Federal Reserve communication events merged with a database of 310,565 news stories to analyze the prominence and distribution of coverage of the Fed and the response of coverage to communication events.
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Carola Binder (2017) studied this question.
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