主讲人：法国IESEG高等suncitygroup太阳新城Renaud Beaupain教授
时间：10月31日上午09:30
地点：suncitygroup太阳新城大楼210室
主持人：孟磊 

题目：What do press conferences tell us about central bankers’ sentiment – and why it matters

摘要：

This study contributes to understanding the tone in press conferences held by the President of the European Central Bank (ECB) after a Governing Council meeting. We use a Large Language Model (LLM) for sentiment analysis, specifically focusing on the financial context using the finBERT model. We derive two types of sentiment indices, for the whole press conference, but also individually for its introductory statement as well as for its Q&A part. We find that the tone in the introductory part of the conferences is related to macro-events such as crises, while the Q&A portion is connected to both shocks and presidential periods. We also identify a strong link between sentiment and several macroeconomic variables. Variables related to inflation and industrial production have a significant, but differing impact on our polarity and subjectivity indexes. Our results contribute to the understanding of the tone in the ECB’s communication and highlight the potential of large language models to unveil sentiment contained in central banks’ narrative.

 

报告人简介：

Renaud Beaupain教授现担任法国IESEG管理学院（法国suncitygroup太阳新城排名前十）金融学系主任，在教学与科研方面有着丰富的经验，特别是在市场微观结构特别是流动性研究方面有一定成就，并且在《Applied Financial Economics》《Journal of International Financial Markets, Institutions and Money》《International Journal of Finance and Economics》《International Review of Financial Analysis》《Emerging Markets Review》等多个金融国际期刊担任审稿人。