EconPapers    
Economics at your fingertips  
 

Sharks and minnows in a shoal of words: Measuring latent ideological positions of German economic research institutes based on text mining techniques

Sami Diaf, Jörg Döpke, Ulrich Fritsche and Ida Rockenbach

No 24, Working Papers from German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin

Abstract: Using corpora of business cycle report sections dealing with monetary and fiscal policy issues from 1999 to 2017 and using methods of unsupervised text scaling (Slapin and Proksch, 2008; Lauderdale and Herzog, 2016), namely Wordfish and Wordshoal we scale the institutions' theoretical/ideological position over debates. The results are in line with the findings from descriptive textual analysis. For monetary policy, we observe a strong but short-lived consensus in debate-specific positions at the height of the financial crisis in 2008 and a larger polarization after 2008 compared to the sample period before. For the fiscal policy textual corpus, the polarization was similarly high before and after the crisis. For both policy areas, the institutions DIW Berlin and IfW Kiel define the outer bounds of the observed spectrum of latent ideological positions.

Keywords: Text Scaling Model; Wordfish; Wordshoal; Computational Content Analysis; Hierarchical Factor Model; Bayesian Estimation; Political Economy; Ideology; Polarization; Public Policy; Monetary Policy; Fiscal Policy (search for similar items in EconPapers)
JEL-codes: E32 E52 E62 H3 C55 D7 P16 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-mac and nep-pol
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/225085/1/173526055X.pdf (application/pdf)

Related works:
Working Paper: Sharks and minnows in a shoal of words: Measuring latent ideological positions of German economic research institutes based on text mining techniques (2020) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:pp1859:24

Access Statistics for this paper

More papers in Working Papers from German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().

 
Page updated 2021-02-23
Handle: RePEc:zbw:pp1859:24