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Measuring the Temporal Dimension of Text: An Application to Policymaker Speeches

Author

Listed:
  • Byrne, David

    (Central Bank of Ireland)

  • Goodhead, Robert

    (Central Bank of Ireland)

  • McMahon, Michael

    (University of Oxford)

  • Parle, Conor

    (European Central Bank and Trinity College Dublin)

Abstract

Discussions of time are central to many questions in the social sciences and to official announcements of policy. Despite the growing popularity of applying Natural Language Processing (NLP) techniques to social science research questions, before now there have been few attempts to measure expressions of time. This paper provides a methodology to measure the “third T of Text”: the Time dimension. We also survey the techniques used to measure the other Ts, namely Topic and Tone. We document key stylised facts relating to temporal information in a corpus of policymaker speeches.

Suggested Citation

  • Byrne, David & Goodhead, Robert & McMahon, Michael & Parle, Conor, 2023. "Measuring the Temporal Dimension of Text: An Application to Policymaker Speeches," Research Technical Papers 2/RT/23, Central Bank of Ireland.
    • Handle: RePEc:cbi:wpaper:2/rt/23
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    File URL: https://www.centralbank.ie/docs/default-source/publications/research-technical-papers/measuring-temporal-dimension-of-text-an-application-policymaker-speeches.pdf?sfvrsn=9469991d_5
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    Cited by:

    1. Küsters Anselm & Andritzky Jochen, 2024. "Welche Rolle spielt das Thema Zukunft im Bundestag?," Wirtschaftsdienst, Sciendo, vol. 104(4), pages 252-257, April.
    2. Haavio, Markus & Heikkinen, Joni & Jalasjoki, Pirkka & Kilponen, Juha & Paloviita, Maritta & Vänni, Ilona, 2024. "Reading between the lines: Uncovering asymmetry in the central bank loss function," Bank of Finland Research Discussion Papers 6/2024, Bank of Finland.

    More about this item

    Keywords

    Textual analysis; Machine Learning; Communication.;
    All these keywords.

    JEL classification:

    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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