170 research outputs found
Annual Report of the Secretary of the Treasury on the state of the finances for the year 1877.
45-2Annual Report of the Sec. of the Treasury. [1803] Year ending 30 June 1877; Indian expenses.1877-5
Tabular statements of disbursements made from the appropriations for the Indian Department for the fiscal year ending June 30, 1877, and of the salaries and incidental expenses paid at each agency in the Indian Service during said period, showing the appropriations from which paid and the number of Indians at each agency
45-2Disbursements of the Indian Dept. [1805] Year ending 30 June 1877.1877-4
The (Home) Bias of European Central Bankers: New Evidence Based on Speeches
Speeches are an important vehicle for central bankers to convey individual views on the preferred policy stance. In this paper, we employ an automated text linguistic approach to create an indicator that measures the tone of the 1,618 speeches delivered by members of the Governing Council (GC) during the period 1999M1..2014M4. We then relate this variable to euro-area and national macroe- conomic forecasts. Our key findings are as follows. First, inflation and growth expectations have a positive and significant impact on the hawkishness of a speech. Second, the voiced preferences of national central bankers largely coincide with the level of independence their banks had at the time of the Maastricht Treaty. Third, country-specific macroeconomic conditions matter for speeches delivered inside the central banker's home country but not for those made abroad. Fourth, differences in central banker preferences are the key source of variation in their speeches before the financial crisis, whereas divergent national economic conditions are the main factor in the second part of the sample
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