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ECB and FED Governors’ Speeches: A Topic Modeling Analysis (2007–2019)

In: Banking and Beyond

Author

Listed:
  • Marika Carboni

    (University of Rome III)

  • Vincenzo Farina

    (University of Rome Tor Vergata)

  • Daniele A. Previati

    (University of Rome III)

Abstract

In the last years of the twentieth century central banks started strengthening their communication strategy, making it easier to analyze the evolution of central banks’ functions and role over time and space. In this chapter we employ a topic modeling approach to investigate the differences in the topics contained in European Central Bank (ECB) and Federal Reserve (FED) Governors’ speeches over the time period 2007–2019. We find that both ECB and FED speeches are strongly related to monetary policy, even if the largest number of FED Governors’ speeches is related to the promotion of financial stability, especially with respect to the time period 2008–2010. Additionally, in the United States, the topic of consumer protection is also detected.

Suggested Citation

  • Marika Carboni & Vincenzo Farina & Daniele A. Previati, 2020. "ECB and FED Governors’ Speeches: A Topic Modeling Analysis (2007–2019)," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Caterina Cruciani & Gloria Gardenal & Elisa Cavezzali (ed.), Banking and Beyond, chapter 0, pages 9-25, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-45752-5_2
    DOI: 10.1007/978-3-030-45752-5_2
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