IDEAS home Printed from https://ideas.repec.org/p/bis/biswps/1299.html
   My bibliography  Save this paper

Mapping the space of central bankers' ideas

Author

Listed:
  • Taejin Park
  • Fernando Perez-Cruz
  • Hyun Song Shin

Abstract

This paper explores the landscape of economic ideas as revealed in the machine learning embedding of a comprehensive dataset of central bank speeches. This dataset, maintained by the BIS, encompasses 19,742 speeches delivered by almost 1,000 officials from over 100 central banks over a period spanning three decades, from 1997 to 2025. As well as topic analysis of speeches at any moment in time, the evolution of the topics over time provides insights into how the focus of central bank thinking has been shaped by shifting policy challenges since 1997. Parsing the embedding both through topics and through time provides rich insights into how economic ideas have taken shape through communication practices of central banks worldwide. To demonstrate its utility, we have conducted a series of analyses that map the global landscape of monetary policy discourse. Furthermore, we construct a quantitative framework-referred to as the "space of central bankers' ideas"-which uncovers institutional patterns and highlights shifts in policy approaches over time.

Suggested Citation

  • Taejin Park & Fernando Perez-Cruz & Hyun Song Shin, 2025. "Mapping the space of central bankers' ideas," BIS Working Papers 1299, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:1299
    as

    Download full text from publisher

    File URL: https://www.bis.org/publ/work1299.pdf
    File Function: Full PDF document
    Download Restriction: no
    File URL: https://www.bis.org/publ/work1299.htm
    Download Restriction: no
    ---><---

    More about this item

    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
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bis:biswps:1299. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Martin Fessler (email available below). General contact details of provider: https://edirc.repec.org/data/bisssch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.