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Descripción de las Minutas e Informes de Política Monetaria a partir de herramientas de Lingüística Computacional


  • Daniela V. Guío-Martínez
  • Juan J. Ospina-Tejeiro

    (Banco de la República de Colombia)

  • Germán A. Muñoz-Bravo

    (Banco de la República de Colombia)

  • Julián A. Parra-Polanía

    (Banco de la República de Colombia)


Con base en el uso de Latent Dirichlet Allocation, una herramienta de lingüística computacional cuya finalidad es develar los patrones temáticos subyacentes que agrupan las palabras de un conjunto de textos, analizamos dos tipos esenciales de documentos en la comunicación del Banco de la República, las minutas y los informes de política monetaria, para el periodo comprendido entre marzo de 2007 y diciembre de 2018. Encontramos que estos dos tipos de documentos giran primordialmente en torno a ocho temas, siendo el más importante (en promedio a través del tiempo) el que contiene términos principalmente relacionados con demanda interna y sectores económicos. Describimos tanto las similitudes como las diferencias que se observan, entre las minutas y los informes, en la participación de cada tema dentro de los documentos y en la evolución de esa participación en el tiempo. **** ABSTRACT: Based on the use of Latent Dirichlet Allocation, a computational linguistics tool whose purpose is to identify the underlying thematic patterns that group the words of a set of documents, we analyse two essential outlets in the Banco de la Republica’s communication, the minutes and monetary policy reports, from March 2007 to December 2018. We find that these two outlets discuss primarily about eight topics, the most important (on average, over time) being the one that contains expressions mainly related to domestic demand and economic sectors. We describe both similarities and differences that are observed, between the minutes and the reports, in the participation of each topic within the documents and in the evolution of that participation over time.

Suggested Citation

  • Daniela V. Guío-Martínez & Juan J. Ospina-Tejeiro & Germán A. Muñoz-Bravo & Julián A. Parra-Polanía, 2020. "Descripción de las Minutas e Informes de Política Monetaria a partir de herramientas de Lingüística Computacional," Borradores de Economia 1108, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:1108

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    References listed on IDEAS

    1. Stephen Hansen & Michael McMahon & Andrea Prat, 2018. "Transparency and Deliberation Within the FOMC: A Computational Linguistics Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(2), pages 801-870.
    2. Luis E. Arango & Javier Pantoja & Carlos Velásquez, 2017. "Effects of the central bank’s communications in Colombia. A content analysis," Borradores de Economia 1024, Banco de la Republica de Colombia.
    3. David Bholat & Stephen Hans & Pedro Santos & Cheryl Schonhardt-Bailey, 2015. "Text mining for central banks," Handbooks, Centre for Central Banking Studies, Bank of England, number 33, April.
    4. Rodrigo Taborda, 2015. "Procedural transparency in Latin American central banks under inflation targeting schemes. A text analysis of the minutes of the Boards of Directors," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 33(76), pages 76-92, April.
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    Cited by:

    1. Juan Camilo Anzoátegui Zapata & Juan Camilo Galvis Ciro, 2022. "Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria: evidencias para Colombia," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 14(2), pages 375-409, June.
    2. Jonathan Alexander Muñoz-Martínez & David Orozco & Mario A. Ramos-Veloza, 2023. "Tweeting Inflation: Real-Time measures of Inflation Perception in Colombia," Borradores de Economia 1256, Banco de la Republica de Colombia.

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    More about this item


    Comunicación; Política Monetaria; Minería de Texto; LDA; Communication; Monetary Policy; Text Mining; LDA.;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

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