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.

中文翻译：

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金融稳定与美联储：来自国会听证会的证据

本文回顾了金融稳定因素在大衰退之前和期间如何与美国货币政策相互作用。本文使用文本挖掘技术，通过构建五位美联储主席证词期间表达的金融稳定情绪指标进行创新。包括这些基于文本的度量为泰勒规则模型增加了解释力。负面的金融稳定情绪与比标准泰勒规则因素所暗示的更为宽松的货币政策立场相吻合，即使在大衰退之前的几十年里也是如此。这些发现与货币政策对金融不稳定做出反应的偏好一致，而不是先发制人地应对感知到的风险积累。