Publications

Peer Reviewed Publications

• Whatever it Takes to Understand a Central Banker – Embedding their Words Using Neural Networks (2025)
  [Journal of International Economics]   [Working Paper]   [Online Appendix]   [Replication Files + Language Model]
  Martin Baumgärtner, Johannes Zahner
  Keywords: Word Embedding, Neural Network, Central Bank Communication, Natural Language Processing, Transfer Learning

• Talking Fragmentation Away – Decoding the ’Whatever it Takes’ Effect (2024)
  [Economics Letters]    [Working Paper]
  Martin Baumgärtner, Johannes Zahner
  Keywords: Natural Language Processing, Embedding, Central Bank Communication, Transfer Learning, Fragmentation, Financial stability

• What’s that Noise? Analysing Sentiment-based Variation in Central Bank Communication (2023)
  [Economics Letters]   [Working Paper]
  Bernd Hayo, Johannes Zahner
  Keywords: Sentiment index, monetary policy, central banks, Loughran and McDonald (2011) dictionary, information content of sentiment indices

• Recent developments in monetary policy communication (2023)
  [Reference Module in Social Sciences]    [Working Paper]
  Bernd Hayo, Johannes Zahner
  Keywords: Monetary policy, central bank communication, review

• Complexity of ECB Communication and Financial Market Trading (2022)
  [Journal of International Money and Finance]    [Working Paper]
  Bernd Hayo, Kai Henseler, Marc S. Rapp, Johannes Zahner
  Keywords: Central Bank Communication, Textual Analysis, Linguistic Complexity

• What is on the ECB’s Mind? Monetary Policy before and after the Global Financial Crisis (2021)
  [Journal of Macroeconomics]   [Working Paper]
  Jonas Groß, Johannes Zahner
  Keywords: ECB, Taylor Rule, Bayesian Model Averaging, Model Uncertainty