Financial stability and the Fed: Evidence from congressional hearings
通过文本挖掘美联储主席国会证词中的金融稳定情绪，发现负面情绪与更宽松的货币政策相关，且这种关系在大衰退前就已存在。
Abstract This article retraces how financial stability considerations interacted with US monetary policy before and during the Great Recession. Using text‐mining techniques, this article innovates by constructing indicators for financial stability sentiment expressed during testimonies of five Federal Reserve Chairs. Including these text‐based measures adds explanatory power to Taylor‐rule models. Negative financial stability sentiment coincided with a more accommodative monetary policy stance than implied by standard Taylor‐rule factors, even during the decades before the Great Recession. These findings are consistent with a preference for monetary policy reacting to financial instability rather than acting pre‐emptively to a perceived build‐up of risks.