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December 5, 2025 - GTU Office of Press and Public Relations The research project titled “The Tone of Central Bank Communication and Its Global Reverberations,” proposed and led by Assoc. Prof. Ahmet Usta, Faculty Member, Department of Economics, GTU, is selected for funding under the TÜBİTAK 3501 Career Development Program. The project will be carried out with the advisory support of Prof. Selva Demiralp, faculty member of the Department of Economics at Koç University, and the contributions of Asst. Prof. Mehmet Fatih Sert, faculty member of the Department of Business Administration at Gaziantep University, as a researcher.
In today’s central banking environment, where communication has become at least as influential as politics itself, this project aims to analyze the effects of the tone used in the communications of the Federal Reserve (Fed) and the European Central Bank (ECB) on financial markets in emerging economies. In this context, the study will examine in detail the informational content transmitted through various communication tools such as press conferences, policy statements, and minutes; the evolution of readability and linguistic complexity in communication texts over time; and the impact of these linguistic features on asset prices, investor sentiment, and capital flows. Additionally, the project will investigate how countries’ macroeconomic vulnerabilities and global uncertainty conditions shape their responses to communication shocks, which constitutes another key dimension of the research.
The project is expected to provide high-quality empirical contributions to the literature on the international implications of central bank communication strategies and to assist policymakers in better assessing the transmission mechanisms of global financial conditions to emerging economies. We believe that this study, led by a member of our academic staff, will make valuable contributions to our institutional research capacity and scientific visibility. |
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