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A text mining application on monthly price developments reports

Author

Listed:
  • Hatice Burcu Eskici
  • Necmettin Alpay Kocak

Abstract

Text mining analysis provides big opportunities for economic research. Underlying natural language processing techniques allow us to read the monthly price developments reports (MPDR) of the Central Bank of the Republic of Turkey (CBRT) and to analyse the words, to explore topics and clusters inside. Previous literature on CBRT documents has focused on making word clouds, measuring the sentiments and therefore it is limited with text documents. This study sets out to close this gap and extends the text mining analysis to measure the statistical consistency of the MPRDs with the annual consumer price index (CPI) inflation figures for Turkey. In this study, we showed that MPDRs contain intensifying references to core-groups/sectors in evaluation of inflation as well as they are interested in the tendency of inflation rather than its level. We also showed that how the clusters of MPDRs are significantly consistent with the annual CPI inflation figures from statistical point of view.

Suggested Citation

  • Hatice Burcu Eskici & Necmettin Alpay Kocak, 2018. "A text mining application on monthly price developments reports," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 18(2), pages 51-60.
    • Handle: RePEc:tcb:cebare:v:18:y:2018:i:2:p:51-60
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    File URL: https://www.sciencedirect.com/journal/central-bank-review/vol/18/issue/2
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    Citations

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    Cited by:

    1. Necmettin Alpay Koçak, 2020. "The Role of Ecb Speeches in Nowcasting German Gdp," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2020(2), pages 05-20.
    2. Seokmin Kang & Sungyeun Kim, 2022. "Lessons Learned from Topic Modeling Analysis of COVID-19 News to Enrich Statistics Education in Korea," Sustainability, MDPI, vol. 14(6), pages 1-16, March.
    3. KOCAK, Necmettin Alpay, 2021. "The Impacts Of Speeches On Nowcasting Gdp: A Case Study On Euro Area Markets," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 25(1), pages 6-29, March.

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