This paper investigates the effectiveness of the media transmission channel of the Federal
Reserve (Fed) communication with the general public. Spanning a 20-year period (2003-2023),
around 5,400 Fed communication documents and 333,000 articles from USA Today are ana-
lyzed. A positive and significant relationship between Fed communications and media cov-
erage is found, particularly after the introduction of post-FOMC press conferences. Crisis-
related topics strongly resonate with the media, while other topics such as inflation forecasts
show varied effectiveness. Changes in the Fed’s communication style has been effective for
topics like inflation, however the effect is not uniform across all Fed communications topics.
Das Papier findet sich hier: diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-724.pdf
