Effects of the central bank’s communications in Colombia : a content analysis

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáspa
dc.creatorArango-Thomas, Luis Eduardospa
dc.creatorPantoja, Javierspa
dc.creatorVelásquez, Carlos Albertospa
dc.creator.firmaLuis E. Arangospa
dc.date.accessioned2017-10-19T08:30:10Zeng
dc.date.available2017-10-19T08:30:10Zspa
dc.date.created2017-10-19spa
dc.date.issued2020-02-07eng
dc.description.abstractWe carry out a reading analysis that consists of two elements. First, we observe the coherence between monetary policy actions and press releases. In this case, we found that inflation and growth are significant themes in the adoption of the policy measures between September 2004 and March 2016. Moreover, when inflation and economic growth are both raising the monetary actions becomes tighter. Nevertheless, economic activity has always coefficients greater than those of inflation. In second place, the monetary authority goes beyond explanations in the press releases: there are some traces of forward guidance in a number of communications with different degrees of commitment. We also assess whether Colombia’s Central Bank uses its communications as a complementary monetary policy tool and estimate the effectiveness of this strategy. To do so, we use a machine learning technique to unveil the semantic structure of the central bank´s communications. This technique allows us to extract some semantic factors that are used in a structural VAR to identify and measure the impact of these communications on inflation expectations. Our results indicate that Colombia’s Central Bank uses communications as a monetary policy tool and that this strategy influences market inflation expectations.eng
dc.format.extent20 páginas : gráficas, tablasspa
dc.format.mimetypePDFspa
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6337spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6337spa
dc.language.isoengeng
dc.publisherBanco de la República de Colombiaspa
dc.relation.doihttps://doi.org/10.32468/be.1024spa
dc.relation.ispartofDocumentos de trabajospa
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 1024spa
dc.relation.numberBorrador 1024spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1024.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.source.bibliographicCitationBengio, Y., Ducharme, R., Vincent, P., and Jauvin, C. (2003). A neural probabilistic language model. Journal of machine learning research, 3(Feb), 1137-1155.eng
dc.source.bibliographicCitationBholat, D. M., Hansen, S., Santos, P. M., and Schonhardt-Bailey, C. (2015). Text mining for central banks: handbook. Centre for Central Banking Studies (33). pp. 1-19.eng
dc.source.bibliographicCitationBlinder, A.S., Ehrmann, M., Fratzcher, M., De Haan, J., and Jansen, D.J., 2008, Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence.eng
dc.source.handleRepecRePEc:bdr:borrec:1024spa
dc.subjectMinería de textosspa
dc.subjectAnálisis de contenidospa
dc.subjectAnálisis semántico latentespa
dc.subjectComunicaciones del Banco Centralspa
dc.subject.jelE5 - Monetary Policy, Central Banking, and the Supply of Money and Crediteng
dc.subject.jelE4 - Money and Interest Rateseng
dc.subject.jelC4 - Econometric and Statistical Methods: Special Topicseng
dc.subject.jelspaE5 - Política monetaria, bancos centrales, oferta de dinero y créditospa
dc.subject.jelspaC4 - Métodos econométricos y estadísticos: temas especialesspa
dc.subject.jelspaE4 - Dinero y tipos de interésspa
dc.subject.keywordText miningeng
dc.subject.keywordContent analysiseng
dc.subject.keywordLatent semantic analysiseng
dc.subject.keywordCentral bank’s communicationseng
dc.subject.lembBancos centrales -- Comunicados de prensa -- Colombia -- 2004-2016spa
dc.subject.lembBanco de la República (Bogotá) -- Comunicados de prensa -- 2004-2016spa
dc.subject.lembBanco de la República (Bogotá) -- Comunicaciones -- Análisis del discurso -- 2004-2016spa
dc.subject.lembColombia -- Política económica -- Comunicados de prensa -- 2004-2016spa
dc.subject.lembPolítica monetaria -- Comunicados de prensa -- Análisis del discurso -- Colombia -- 2004-2016spa
dc.titleEffects of the central bank’s communications in Colombia : a content analysiseng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajospa

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