Text mining for central banks. Bholat, D., Hansen, S., Santos, P., & Schonhardt-Bailey, C. Centre for Central Banking Studies Handbook, 2015. ![Text mining for central banks [link]](https://bibbase.org/img/filetypes/link.svg "link")
Website abstract bibtex The purpose of this Handbook has been to demonstrate the additional value central banks can gain from applying the various text mining techniques available, and to illustrate how these techniques can be used to inform policymaking and address key research topics of interest to central banks. In closing, we wish to note that the promise of text mining for central banks is not just hypothetical but demonstrated. For example, Kevin Warsh (Warsh (2014)) cited the text mining literature (Schonhardt-Bailey (2013); Hansen, McMahon and Prat (2014)) as important influences on his review’s ultimate policy recommendations for the Bank to disclose more information on its deliberations. Warsh remarked that while “studies seeking to make sense of millions of spoken words” are “daunting and imperfect”, text mining has “meaningfully advanced our understanding” of central banks (Warsh (2014)). More generally, this Handbook has shown how text mining can be a useful addition to central banks’ analytical arsenal and help them achieve their policy objectives.
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abstract = {The purpose of this Handbook has been to demonstrate the additional value central banks can gain from applying the various text mining techniques available, and to illustrate how these techniques can be used to inform policymaking and address key research topics of interest to central banks. In closing, we wish to note that the promise of text mining for central banks is not just hypothetical but demonstrated. For example, Kevin Warsh (Warsh (2014)) cited the text mining literature (Schonhardt-Bailey (2013); Hansen, McMahon and Prat (2014)) as important influences on his review’s ultimate policy recommendations for the Bank to disclose more information on its deliberations. Warsh remarked that while “studies seeking to make sense of millions of spoken words” are “daunting and imperfect”, text mining has “meaningfully advanced our understanding” of central banks (Warsh (2014)). More generally, this Handbook has shown how text mining can be a useful addition to central banks’ analytical arsenal and help them achieve their policy objectives.},
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author = {Bholat, David and Hansen, Stephen and Santos, Pedro and Schonhardt-Bailey, Cheryl},
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