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Apostolos G. Katsafados

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Open access Sep 2026

Fiscal Constraints and the Power of Words: Does High Debt Mute the Fed?

We test whether high public debt is associated with reduced effectiveness of Federal Reserve communication. Using voice sentiment measures extracted from FOMC press conference Q&A sessions, we estimate local projections and find that high debt significantly attenuates the estimated association between voice sentiment...

A. Andrikopoulos, Apostolos G. Katsafados, Steven Ongena · 1 citation

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