Journal article

Authors list: Tillmann, Peter

Publication year: 2023

Pages: 351-388

Journal: International Journal of Central Banking

Volume number: 19

Issue number: 2

ISSN: 1815-4654

eISSN: 1815-7556

Publisher: European Central Bank

Abstract: 
This paper studies the demand for information about monetary policy, while the literature on central bank transparency and communication typically studies the supply of information by the central bank or the reception of the information provided. We use a new data set on the number of views of the Federal Reserve's website and show that exogenous news about the state of the economy as reflected in U.S. macroeconomic news surprises raise the demand for information about monetary policy. Surprises trigger an increase in the number of views of the policy-relevant sections of the website, but not the other sections. Hence, we show that market participants not only revise their policy expectations after a surprise, but also actively acquire new information.

Harvard Citation style: Tillmann, P. (2023) Macroeconomic Surprises and the Demand for Information about Monetary Policy, International Journal of Central Banking, 19(2), pp. 351-388

APA Citation style: Tillmann, P. (2023). Macroeconomic Surprises and the Demand for Information about Monetary Policy. International Journal of Central Banking. 19(2), 351-388.