Jonathan Talmi

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Staff Working Papers

Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility

Staff Working Paper 2016-37 Michael Ehrmann, Jonathan Talmi
Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy of central banks. Because of their market-moving potential, it is particularly important how they are drafted. Often, central banks start from the previous statement and update the earlier text with only small changes.