Whatever it takes to understand a central banker - Embedding their words using neural networks
Martin Baumgaertner () and
Johannes Zahner ()
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Martin Baumgaertner: THM Business School
Johannes Zahner: Philipps-Universitaet Marburg
Authors registered in the RePEc Author Service: Martin Baumgärtner ()
MAGKS Papers on Economics from Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung)
Dictionary approaches are at the forefront of current techniques for quantifying central bank communication. This paper proposes embeddings - a language model trained using machine learning techniques - to locate words and documents in a multidimensional vector space. To accomplish this, we utilize a text corpus that is unparalleled in size and diversity in the central bank communication literature, as well as introduce a novel approach to text quantification from computational linguistics. This enables us to provide high-quality central bank-specific text-representations and demonstrate their applicability through a variety of examples in the fields of central bank objectives, financial uncertainty, and gender bias.
Keywords: Word Embedding; Neural Network; Central Bank Communication; Natural Language Processing; Transfer Learning (search for similar items in EconPapers)
JEL-codes: C45 C53 E52 Z13 (search for similar items in EconPapers)
Pages: 48 pages
New Economics Papers: this item is included in nep-ban, nep-big, nep-cba, nep-cmp, nep-isf, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:mar:magkse:202130
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