Using administrative data on deposits and loans of every Norwegian with every Norwegian bank, we show that an existing deposit account makes a household more likely to hold deposits at the same bank later despite better alternatives and more likely to borrow there. Consistent with this, banks...

We propose a Hawkish-Dovish (HD) indicator that measures the degree of 'hawkishness' or 'dovishness' of the media's perception of the ECB's tone at each press conference. We compare two methods to calculate the indicator: semantic orientation and Support Vector Machines text classification. We...

A new data paradigm has emerged. Despite the human instinct to reject what cannot be fully comprehended, the big data industry is extracting new causations among multiple pools of micro-data that previously looked unrelated. This is leading to new, timely indicators and insights, and may...

This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN) during the period 2004-2019. Since the policy communique released after each meeting of the CBN's monetary policy committee (MPC) represents an important tool of central bank...

Effective central bank communication is useful for anchoring market expectations and enhancing macroeconomic stability. In this paper, the communication strategy of the Bank of Ghana (BOG) is analysed using BOG's monetary policy committee press releases for the period 2018-2019. Specifically, we...

We propose a novel approach to measure monetary policy shocks using sentiment analy-\sis, which is relatively free from specification errors compared to VAR-identified shocks and allows time for a wider circle of market participants to digest information com-pared to shocks identified through...

We quantify the Monetary Policy Board (MPB) minutes of the Bank of Korea (BOK) using text mining. We propose a novel approach using a field-specific Korean dictionary and contiguous sequences of words (n-grams) to better capture the subtlety of central bank communications. We find that our...

We quantify the Monetary Policy Board (MPB) minutes of the Bank of Korea (BOK) using text mining. We propose a novel approach using a field-specific Korean dictionary and contiguous sequences of words (n-grams) to better capture the subtlety of central bank communications. We find that our...

Although often applied in other social sciences, text mining has been less frequently used in economics and in policy circles, particularly inside central banks. This Handbook is a brief introduction to the field, discussing how text mining is useful for addressing research topics of interest to...