Estimating Central Bank Preferences

Berg, Nicole Rae ; Lowe, Will ; Ponzetto, Simone Paolo ; Stuckenschmidt, Heiner ; Zirn, Cäcilia

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Document Type: Conference or workshop publication
Year of publication: 2014
Book title: Paper entry to the NLP Unshared Task in PoliInformatics, June 2014
Page range: 1-6
Conference title: NLP Unshared Task in PoliInformatics 2014
Location of the conference venue: Baltimore, Md.
Date of the conference: June 2014
Place of publication: [Washington, DC]
Publishing house: PoliInformatics Research Coordination Network (PInet)
Publication language: English
Institution: Außerfakultäre Einrichtungen > Mannheim Centre for European Social Research - Research Department B
Außerfakultäre Einrichtungen > SFB 884
School of Business Informatics and Mathematics > Semantic Web (Juniorprofessur) (Ponzetto 2013-15)
School of Business Informatics and Mathematics > Praktische Informatik II (Stuckenschmidt 2009-)
Subject: 004 Computer science, internet
320 Political science
Abstract: 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. Putting together automated text analysis tools and scaling methods, we estimate a new measure of central bank preferences on the FOMC leading up to the financial crisis.
Additional information: Online Ressource

Dieser Eintrag ist Teil der Universitätsbibliographie.

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