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Text as Data in Economic Analysis

Author

Abstract

FULL AND CORRECT ORDER OF AUTHORS: Tarek A. Hassan, Stephan Hollander, Aakash Kalyani, Laurence van Lent, Markus Schwedeler, and Ahmed Tahoun. This article discusses how to apply computational linguistics techniques to analyze largely unstructured corporate-generated text for economic analysis. As a core example, we illustrate how textual analysis of earnings conference call transcripts can provide insights into how markets and individual firms respond to economic shocks, such as a nuclear disaster or a geopolitical event: insights that often elude traditional non-text data sources. This approach enables extracting actionable intelligence, supporting both policy-making and strategic corporate decision-making. We also explore applications using other sources of corporate-generated text, including patent documents and job postings. By incorporating computational linguistics techniques into the analysis of economic shocks, new opportunities arise for real-time economic data, offering a more nuanced understanding of market and firm responses in times of economic volatility.

Suggested Citation

  • Tarek A. Hassan & Stephan Hollander & Aakash Kalyani & Markus Schwedeler & Ahmed Tahoun & Laurence van Lent, 2024. "Text as Data in Economic Analysis," Working Papers 2024-022, Federal Reserve Bank of St. Louis, revised 11 Sep 2025.
    • Handle: RePEc:fip:fedlwp:98767
    DOI: 10.20955/wp.2024.022
    Note: Publisher DOI: https://doi.org/10.1257/jep.20231365
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    Cited by:

    1. Friedrich Heinemann & Jan Kemper, 2026. "ECB Council Members’ Objectives and Public Debt at Home – Evidence from an AI-Based Textual Analysis," CESifo Working Paper Series 12493, CESifo.
    2. Clayton, Christopher & Coppola, Antonio & Maggiori, Matteo & Schreger, Jesse, 2025. "Chokepoints: Identifying Economic Pressure," SocArXiv zsc4x_v1, Center for Open Science.
    3. Merendino, Alfonso & Monacelli, Tommaso, 2026. "Supply Chain Uncertainty, Energy Prices and Inflation," CEPR Discussion Papers 21537, Centre for Economic Policy Research.
    4. Gang Li & Dandan Qiao & Mingxuan Zheng, 2025. "Structured Event Representation and Stock Return Predictability," Papers 2512.19484, arXiv.org.

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    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis

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