IDEAS home Printed from https://ideas.repec.org/p/hal/wpaper/hal-05375535.html

Deliberation and Policy Outcomes: Evidence from the Textual Analysis of FOMC Transcripts

Author

Listed:
  • Alessandro Riboni

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique, IP Paris - Institut Polytechnique de Paris)

  • Francisco Ruge-Murcia

    (McGill University = Université McGill [Montréal, Canada])

  • Linh Tran

    (McGill University = Université McGill [Montréal, Canada])

Abstract

Natural language processing is used to extract information from FOMC transcripts and construct quantitative text-based measures of voiced policy stance, emotions, and collaboration. These measures are inputs in an econometric model of deliberation where members interact with one another across rounds of a meeting and over time across meetings. Evidence shows that members learn from one another during within-meeting deliberation and exert influence across meetings. Although emotional tone has limited effects on policy stances and decisions, it has strong predictive power for dissent behavior

Suggested Citation

  • Alessandro Riboni & Francisco Ruge-Murcia & Linh Tran, 2025. "Deliberation and Policy Outcomes: Evidence from the Textual Analysis of FOMC Transcripts ," Working Papers hal-05375535, HAL.
    • Handle: RePEc:hal:wpaper:hal-05375535
    Note: View the original document on HAL open archive server: https://cnrs.hal.science/hal-05375535v1
    as

    Download full text from publisher

    File URL: https://cnrs.hal.science/hal-05375535v1/document
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    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:hal:wpaper:hal-05375535. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.