Media Treatment of Monetary Policy Surprises and Their Impact on Firms' and Consumers' Expectations
研究发现，法国主流报纸对货币政策公告的报道与标准冲击指标不一致，只有考虑媒体一致的冲击时，消费者和企业才会对货币政策公告做出反应，且消费者反应方向由媒体报道的经济基调决定。
Abstract We investigate whether monetary policy announcements affect firms' and consumers' expectations by considering their media treatment. We initially use standard monetary policy surprise measures and analyze how the main general newspapers in France report on the announcements. Eighty‐five percent of the monetary policy surprises are either not associated with the newspapers reporting a change in the monetary policy stance or have a sign inconsistent with the media report. Only when we consider media‐consistent monetary policy surprises do we find that consumers and firms respond to monetary policy announcements. The economic tonality of the media reports drives the sign of consumers' response.