Paul Hofmarcher (principal investigator) and Niko Hauzenberger will analyse in a new research project more than 16,000 speeches of European central bankers by combining modern text mining techniques and state-of-the-art time series models. The aim of this project is to measure the effects central bank communication and its transmission channels have on the financial and the real economy. The project is supported financially by the Anniversary Fund of the Österreichische Nationalbank.