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Hanging on Every Word : Semantic Analysis of the FOMC's Postmeeting Statement
The Federal Open Market Committee's (FOMC or "Committee") postmeeting statements constitute one of the key vehicles through which the Committee communicates its assessment of the economy, its policy actions, and its thinking about future policy.
FOMC Responses to Calls for Transparency
I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement ...