@unpublished{tran_fomcnn_jmp,
  author = {Paul L. Tran},
  year = {2026},
  title = {How Long Do Markets Need to Fully React to Monetary Policy Announcements?},
  url = {https://paulletran.com/papers/wps/tran_paul_le_fomc_nn_paper_jmp.pdf},
  note = {\textbf{Job Market Paper}},
  abstract = {\textit{Abstract}: This paper shows that financial markets need more time than the standard 30 minutes to fully react to monetary policy announcements. I systematically estimate these optimal window lengths using a neural network text analysis method. I find that the required time increases with asset underlying maturity (reaching 50--60 minutes for maturities at least two quarters ahead) and FOMC statement characteristics: complexity, novelty, and dissents. This timing difference has economic consequences: optimal windows correct for the attenuated impact of monetary policy shocks about forward guidance on interest rates, break-even inflation, and equity prices, and yield more precise macroeconomic responses.}
}