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MASTER THESIS
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Central banks' endogenous narratives as a driver of financial markets

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Valenzuela Lara, Manuel Eduardo ULiège
Promotor(s) : Broché, Patrick ULiège
Date of defense : 24-Jun-2020/26-Jun-2020 • Permalink : http://hdl.handle.net/2268.2/8843
Details
Title : Central banks' endogenous narratives as a driver of financial markets
Author : Valenzuela Lara, Manuel Eduardo ULiège
Date of defense  : 24-Jun-2020/26-Jun-2020
Advisor(s) : Broché, Patrick ULiège
Committee's member(s) : Gillain, Cédric ULiège
Conlin, Andrew 
Language : English
Keywords : [en] Central banking
[en] Monetary policy
[en] Narrative Economics
[en] Natural Language Processing
[en] Financial markets
[en] Information theory
Discipline(s) : Business & economic sciences > Finance
Target public : Researchers
Professionals of domain
Student
General public
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] Central banks around the world, in their efforts to smoothen the economy through the business cycle, have devised for themselves a set of policies which they can turn to, when they need to react to the swings of the economy. Traditionally, those tools have been setting the interest rate, undertaking open market operations, and applying reserve requirements for banks. In the years that have followed the Financial Crisis of 2009, new approaches have been tried by monetary authorities to enhance the effectiveness of their policies. One of these new methods has been the expanded use of communications and media appearances by monetary officials, trying to made their objectives clearer for market participants and the general population.

With a focus on the Federal Reserve System, this thesis examines, through the framework of Narrative Economics and Information Theory and by using newly developed tools such as Natural Language Understanding, the effectiveness that the Fed’s communication strategy has rendered them in their pursuit of price stability and the implications this new approach has carried for financial markets liquidity and investors.


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Access References, Appendix, Executive Sumary - Manuel Valenzuela Lara.pdf
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Author

  • Valenzuela Lara, Manuel Eduardo ULiège Université de Liège > Master sc. gest., à fin.

Promotor(s)

Committee's member(s)

  • Gillain, Cédric ULiège Université de Liège - ULiège > HEC Liège : UER > UER Opérations : Systèmes d'information de gestion
    ORBi View his publications on ORBi
  • Conlin, Andrew
  • Total number of views 121
  • Total number of downloads 9










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