Text Mining-based Economic Activity Estimates

Kseniya Yakovleva

No wps25, Bank of Russia Working Paper Series from Bank of Russia

Abstract: This paper outlines the methodology for calculating a high-frequency indicator of economic activity in Russia. News articles taken from Internet resources are used as data sources. The news articles are analysed using text mining and machine learning methods, which, although developed relatively recently, have quickly found wide application in scientific research, including economic studies. This is because news is not only a key source of information but a way to gauge the sentiment of journalists and survey respondents about the current situation and convert it into quantitative data.

Keywords: economic activity estimates; text mining; machine learning. (search for similar items in EconPapers)
JEL-codes: C51 C81 E37 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2017-10
New Economics Papers: this item is included in nep-big, nep-cis, nep-ict and nep-mac
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