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More Than Words: A Textual Analysis of Monetary Policy Communication

Pongsak Luangaram and Warapong Wongwachara
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Warapong Wongwachara: Bank of Thailand

PIER Discussion Papers from Puey Ungphakorn Institute for Economic Research

Abstract: This paper employs various tools from computational linguistics to monetary policy statements to gain exploratory insights into the nature of central bank communication. The sample was taken from a wide array of central banks, covering major central banks and others under the inflation-targeting (IT) regime, from 2000 to 2015. Three major aspects of communication were examined in this study, namely (i) readability - the ease with which a reader can understand a written text, (ii) topics - the key themes that are discussed in the policy statements, and (iii) tones - how positive/negative the outlook is in the central bank's language assessment.

Keywords: Monetary policy; Communication; Computational Linguistics (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2017-02, Revised 2017-02
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