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Building Daily Economic Sentiment Indicators

Author

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  • Pilar Rey del Castillo

Abstract

The availability of copious amounts of data produced by the increasing datification of our society is nowadays deemed an opportunity to produce timely and convenient statistical information. This paper shows the building of economic sentiment indexes from the texts of the most read economic newspapers in Spain. The data are collected through the scraping of the Digital Periodical and Newspaper Library website. To compute the sentiment, an existing emotional lexicon for Spanish words has been customized, allowing for inferring sentiment for words in texts. The resulting indexes are later compared to other well-known indicators that try to monitor similar or related phenomena.

Suggested Citation

  • Pilar Rey del Castillo, 2022. "Building Daily Economic Sentiment Indicators," CESifo Working Paper Series 10087, CESifo.
    • Handle: RePEc:ces:ceswps:_10087
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp10087.pdf
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    References listed on IDEAS

    as
    1. Scott R. Baker & Nicholas Bloom & Steven J. Davis, 2016. "Measuring Economic Policy Uncertainty," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(4), pages 1593-1636.
    2. Ghirelli, Corinna & Pérez, Javier J. & Urtasun, Alberto, 2019. "A new economic policy uncertainty index for Spain," Economics Letters, Elsevier, vol. 182(C), pages 64-67.
    3. Daniel J. Hopkins & Gary King, 2010. "A Method of Automated Nonparametric Content Analysis for Social Science," American Journal of Political Science, John Wiley & Sons, vol. 54(1), pages 229-247, January.
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    More about this item

    Keywords

    index numbers; large datasets; leading indicators; proxy variables; sentiment analysis; web scraping;
    All these keywords.

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • C89 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other

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