THE SPEECHES OF THE EUROPEAN CENTRAL BANK’s PRESIDENTS: AN NLP STUDY

IF 1 Q3 ECONOMICS

Global Economy Journal Pub Date : 2020-08-03 DOI:10.1142/s2194565920500098

Thierry Warin, William Sanger

引用次数: 4

Abstract

This paper introduces natural language processing into the study of central banking. It studies the evolution of the ECB’s communication through time, considering its three subsequent presidents (W. Duisenberg, J. C. Trichet and M. Draghi) and the pre- and post-2008 financial crisis era. It helps understand the history of the ECB since its inception. From a methodological standpoint, we study the evolution of the ECB’s speeches. The speech analysis is based on text classification and sentiment/polarity analyses. For that purpose, we have built a unique dataset of the ECB’s speeches. We have coded algorithms to run the text analysis through time. They help us capture the evolution in the ECB’s understanding of the actual economic situation and also measure — for instance — the stress level at the ECB through a polarity analysis through time.

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欧洲央行行长的演讲:一项NLP研究

本文将自然语言处理引入到中央银行的研究中。它研究了欧洲央行的沟通随时间的演变，考虑了其后的三位行长(W.杜伊森伯格、J. C.特里谢和M.德拉吉)以及2008年金融危机前后的时代。它有助于理解欧洲央行自成立以来的历史。从方法论的角度来看，我们研究了欧洲央行讲话的演变。语音分析是基于文本分类和情感/极性分析。为此，我们建立了一个独特的欧洲央行讲话数据集。我们有编码算法来运行文本分析。它们帮助我们捕捉到欧洲央行对实际经济形势理解的演变，并通过极性分析来衡量——例如——欧洲央行的压力水平。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Economy Journal ECONOMICS-

CiteScore

1.60

自引率

14.30%

发文量

期刊介绍： The GEJ seeks to publish original and innovative research, as well as novel analysis, relating to the global economy. While its main emphasis is economic, the GEJ is a multi-disciplinary journal. The GEJ''s contents mirror the diverse interests and approaches of scholars involved with the international dimensions of business, economics, finance, history, law, marketing, management, political science, and related areas. The GEJ also welcomes scholarly contributions from officials with government agencies, international agencies, and non-governmental organizations. One over-arching theme that unites IT&FA members and gives focus to this journal is the complex globalization process, involving flows of goods and services, money, people, and information.