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|a As the role of central banks expanded, demand for public scrutiny of their actions increased. This paper investigates whether parliamentary hearings, the main tool to hold central banks accountable, are fit for this purpose. Using text analysis, it detects the topics and sentiments in parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve from 1999 to 2019. It shows that, while central bank objectives play the most relevant role in determining the topic, unemployment is negatively associated with the focus of hearings on price stability. Sentiments are more negative when uncertainty is higher and when inflation is more distant from the central bank's inflation aim. These findings suggest that parliamentarians use hearings to scrutinise the performance of central banks in line with their objectives and economic developments, but also that uncertainty is associated with a higher perceived risk of under-performance of central banks.
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Fraccaroli, Nicolò, Giovannini, Alessandro, Jamet, Jean-François |
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As the role of central banks expanded, demand for public scrutiny of their actions increased. This paper investigates whether parliamentary hearings, the main tool to hold central banks accountable, are fit for this purpose. Using text analysis, it detects the topics and sentiments in parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve from 1999 to 2019. It shows that, while central bank objectives play the most relevant role in determining the topic, unemployment is negatively associated with the focus of hearings on price stability. Sentiments are more negative when uncertainty is higher and when inflation is more distant from the central bank's inflation aim. These findings suggest that parliamentarians use hearings to scrutinise the performance of central banks in line with their objectives and economic developments, but also that uncertainty is associated with a higher perceived risk of under-performance of central banks. |
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Frankfurt am Main, Germany, European Central Bank, [2020] |
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Fraccaroli, Nicolò VerfasserIn aut, Central banks in parliaments a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Frankfurt am Main, Germany European Central Bank [2020], 1 Online-Ressource (circa 52 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2442 (July 2020), As the role of central banks expanded, demand for public scrutiny of their actions increased. This paper investigates whether parliamentary hearings, the main tool to hold central banks accountable, are fit for this purpose. Using text analysis, it detects the topics and sentiments in parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve from 1999 to 2019. It shows that, while central bank objectives play the most relevant role in determining the topic, unemployment is negatively associated with the focus of hearings on price stability. Sentiments are more negative when uncertainty is higher and when inflation is more distant from the central bank's inflation aim. These findings suggest that parliamentarians use hearings to scrutinise the performance of central banks in line with their objectives and economic developments, but also that uncertainty is associated with a higher perceived risk of under-performance of central banks., Giovannini, Alessandro VerfasserIn (DE-588)1213485509 (DE-627)1724129880 aut, Jamet, Jean-François 1983- VerfasserIn (DE-588)1019039094 (DE-627)69075728X (DE-576)356832104 aut, Europäische Zentralbank Working paper series no 2442 (July 2020) 2442 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2442~e78be127c0.en.pdf Verlag kostenfrei, https://doi.org/10.2866/375204 Resolving-System kostenfrei, http://hdl.handle.net/10419/229056 Resolving-System kostenfrei, https://doi.org/10.2866/375204 LFER, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2442~e78be127c0.en.pdf LFER, LFER 2020-08-07T17:43:07Z |
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Fraccaroli, Nicolò, Giovannini, Alessandro, Jamet, Jean-François, Central banks in parliaments: a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve, Europäische Zentralbank, Working paper series, no 2442 (July 2020), As the role of central banks expanded, demand for public scrutiny of their actions increased. This paper investigates whether parliamentary hearings, the main tool to hold central banks accountable, are fit for this purpose. Using text analysis, it detects the topics and sentiments in parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve from 1999 to 2019. It shows that, while central bank objectives play the most relevant role in determining the topic, unemployment is negatively associated with the focus of hearings on price stability. Sentiments are more negative when uncertainty is higher and when inflation is more distant from the central bank's inflation aim. These findings suggest that parliamentarians use hearings to scrutinise the performance of central banks in line with their objectives and economic developments, but also that uncertainty is associated with a higher perceived risk of under-performance of central banks. |
| title |
Central banks in parliaments: a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve |
| title_auth |
Central banks in parliaments a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve |
| title_full |
Central banks in parliaments a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet |
| title_fullStr |
Central banks in parliaments a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet |
| title_full_unstemmed |
Central banks in parliaments a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet |
| title_in_hierarchy |
no 2442 (July 2020). Central banks in parliaments: a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve ([2020]) |
| title_short |
Central banks in parliaments |
| title_sort |
central banks in parliaments a text analysis of the parliamentary hearings of the bank of england the european central bank and the federal reserve |
| title_sub |
a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve |
| url |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2442~e78be127c0.en.pdf, https://doi.org/10.2866/375204, http://hdl.handle.net/10419/229056 |
