• Corpus ID: 42230193

Estimating Central Bank Preferences

  title={Estimating Central Bank Preferences},
  author={Nicole Rae Berg and Will Lowe and Simone Paolo Ponzetto and Heiner Stuckenschmidt and C{\"a}cilia Zirn},
Scholars often use Federal Open Market Committee (FOMC) votes to estimate the preferences of central bankers. However, rarely do people cast dissenting votes. As a result, voting records are not a random sample and using votes to measure prefer- ences may cause misleading measures and wrong substantive conclusions. Instead of using voting records, this article demonstrates the usefulness of using what central bankers say in FOMC meetings as a way to better measure central bank preferences… 
Overview of the 2014 NLP Unshared Task in PoliInformatics
In this activity, participants were offered a corpus of text relevant to the 2007‐8 financial crisis and an open-ended prompt and their responses took the form of a short paper and an optional demonstration, to which a panel of judges will respond with the goal of identifying efforts with the greatest potential for future interdisciplinary collaboration.
Concept-based and relation-based corpus navigation : applications of natural language processing in digital humanities
To automatically annotate corpora relevant for Digital Humanities (DH), NLP technologies were applied to three very different corpora, and whether experts could gain new insight on the corpus by using the applications, e.g. if they found evidence unknown to them or new research ideas.


The FOMC: preferences, voting, and consensus
In this paper, the author develops and uses an original dataset collected from the internal discussion of the Federal Reserve's monetary policy committee (the Federal Open Market Committee [FOMC]
Publicity of Debate and the Incentive to Dissent: Evidence from the US Federal Reserve
When central banks are transparent about their decision making, there may be clear benefits in terms of credibility, policy effectiveness, and improved democratic accountability. While recent
Regional Influences on FOMC Voting Patterns
This paper looks at the monetary policy decisions of the U.S. Federal Reserve and asks whether observed voting patterns have been driven entirely by national concerns, or whether regional factors
The Policy Preferences of FOMC Members as Revealed by Dissenting Votes
The purposes of this comment are to present evidence that casts doubt on several of the conclusions of Susan Belden's recent paper in this journal (1989) and to suggest directions for future research
Is There a Limit on FOMC Dissents? Evidence from the Greenspan Era
Dissents in the Federal Open Market Committee (FOMC) are relatively rare. Is this because policymakers late in the voting order are deterred from dissenting? Dissents became infrequent during
Deliberating American Monetary Policy: A Textual Analysis
American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been
A Scaling Model for Estimating Time-Series Party Positions from Texts
A scaling algorithm called WORDFISH to estimate policy positions based on word frequencies in texts is proposed and it is found that words with strong political connotations are the best discriminators between parties.
Scaling Policy Positions From Coded Units of Political Texts
This paper demonstrates that the logit scale avoids widely acknowledged flaws in previous approaches and validate it through comparison to independent expert surveys of policy positions, and draws some lessons for the future design of coding schemes for political texts.
Discretion versus policy rules in practice
Topical N-Grams: Phrase and Topic Discovery, with an Application to Information Retrieval
Most topic models, such as latent Dirichlet allocation, rely on the bag-of-words assumption. However, word order and phrases are often critical to capturing the meaning of text in many text mining