Narrative Monetary Policy Surprises and the Media

Abstract

This paper should not be reported as representing the views of Norges Bank. The views expressed are those of the authors and do not necessarily reflect those of Norges Bank. Helene Olsen provided valuable research assistance, while comments from three anonymous referees improved the quality of this paper considerably. We also thank Carola Binder, Jan Qvigstad, seminar participants at Norges Bank, and conference participants of The Changing Economy and the Business Cycle for valuable comments. We are grateful to Retriever for sharing data with us for this research project. This work is part of the research activities at the Centre for Applied Macroeconomics and Commodity Prices (CAMP) at the BI Norwegian Business School.