How the Fed Moves Markets (eBook)

Central Bank Analysis for the Modern Era

Evan A. Schnidman, William D. MacMillan (Autoren)

eBook Download: PDF

2016 | 1st ed. 2016
X, 198 Seiten
Palgrave Macmillan US (Verlag)
978-1-137-43258-2 (ISBN)

Infos

Central banks have a profound impact on financial markets, and investors struggle to keep informed about their complex policy decisions. Technological and financial developments have transformed the US Federal Reserve Bank from a financial black box into a vocal, increasingly transparent institution-and the result is such a wealth of textual data that clues to future policy decisions may be lost among the details.
This book presents a solution to this problem by keeping track of those details. Schnidman and MacMillan demonstrate how the latest advances in automated text analysis, combined with the precision of domain expertise, are the keys to understanding how central banks move markets with their words. The authors outline a method to not only examine every piece of every central bank communication, but to do it in a way that is completely comprehensive and unbiased while quickly yielding hard, quantitative data that can be put to work in modern financial models.

Evan A. Schnidman and William D. MacMillan founded Prattle, a text analytics company, to showcase their novel methodology and innovative financial data on central bank communications. CEO Schnidman holds a PhD from Harvard University, USA, and has extensive experience in finance and political economy. CTO MacMillan holds a PhD from the University of Michigan, USA, and has substantial experience as both a professional statistician and a corporate data scientist.

Inhalt

Cover 1
Half Title 2
Title Page 4
Copyright Page 5
Table of Contents 6
List of Figures and Tables 8
Foreword 10
Introduction 12
PART I Emergence and Evolution: The Story of the Fed 17
1 Origins: From Chaos to Structure 18
2 Independence: Wars, Depression, and Politics 26
3 Centralization: ThTh e Rise of Technocracy 40
4 Transparency: Data Meets Democracy 48
PART II Fed Watching: Sentiment Analysis and Data-Driven Investing 58
5 The Briefcase Watch: Fed Watching at Its Finest? 59
6 Data-Driven Fed Watching: Comprehensive, Unbiased, and Quantitative 67
7 Fixed-Income Investing: Fed Sentiment Drives Bonds 76
8 Equity Market Investing: Macro Matters 85
9 Forecasting Policy: Market Response to Fed Communication Trends 95
10 FOREX Investing: Central Bank Sentiment Data across the Globe 105
PART III Global Monetary Policy: Analyzing Central Banks around the World 118
11 ECB Sentiment: Decoding a Complex Monetary Union 119
12 BOE Sentiment: ThTh e Origin of Modern Central Bank Communications 130
13 BOJ Sentiment: Monetary Clues in Lost Decades 140
14 RBA Sentiment: Australia as a Proxy for China 150
15 Global Sentiment: International Central Bank Transparency 161
Conclusion 184
Bibliography 190
Index 197

Produkt-Details

• Erscheint lt. Verlag: 29.4.2016
• Zusatzinfo: X, 198 p.
• Verlagsort: New York
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
• Schlagworte: Bank • Central Bank • China • Communication • Depression • Efficiency • Equity Market • european central bank • Federal Reserve Bank • Finance • Financial Market • Financial Markets • Forecasting • monetary • monetary policy • Monetary Union • Policy • Quantitative • Research • Transparency
• ISBN-10: 1-137-43258-6 / 1137432586
• ISBN-13: 978-1-137-43258-2 / 9781137432582