Strategic central bank communication: Discourse analysis of the Bank of Japan's Monthly Report

Kohei Kawamura; Yohei Kobashi; Masato Shizume; Kozo Ueda

doi:10.1016/j.jedc.2018.11.007

Strategic central bank communication: Discourse analysis of the Bank of Japan's Monthly Report

Kohei Kawamura, Yohei Kobashi, Masato Shizume, Kozo Ueda^*

^*Corresponding author for this work

School of Political Science and Economics

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

Abstract

We conduct a discourse analysis of the Bank of Japan's Monthly Report and examine its characteristics in relation to business cycles. We find that ambiguous expressions tend to appear more frequently with negative expressions, and this tendency is more pronounced in recessions. This suggests that the central bank communicates strategically by obfuscating the reports when their private information is unfavorable.

Original language	English
Pages (from-to)	230-250
Number of pages	21
Journal	Journal of Economic Dynamics and Control
Volume	100
DOIs	https://doi.org/10.1016/j.jedc.2018.11.007
Publication status	Published - 2019 Mar

Keywords

Latent Dirichlet allocation (LDA)
Modality
Monetary policy
Natural language processing
Transparency
Verifiable disclosure model

ASJC Scopus subject areas

Economics and Econometrics
Control and Optimization
Applied Mathematics

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10.1016/j.jedc.2018.11.007

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abstract = "We conduct a discourse analysis of the Bank of Japan's Monthly Report and examine its characteristics in relation to business cycles. We find that ambiguous expressions tend to appear more frequently with negative expressions, and this tendency is more pronounced in recessions. This suggests that the central bank communicates strategically by obfuscating the reports when their private information is unfavorable.",

keywords = "Latent Dirichlet allocation (LDA), Modality, Monetary policy, Natural language processing, Transparency, Verifiable disclosure model",

author = "Kohei Kawamura and Yohei Kobashi and Masato Shizume and Kozo Ueda",

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AU - Kobashi, Yohei

AU - Shizume, Masato

AU - Ueda, Kozo

PY - 2019/3

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AB - We conduct a discourse analysis of the Bank of Japan's Monthly Report and examine its characteristics in relation to business cycles. We find that ambiguous expressions tend to appear more frequently with negative expressions, and this tendency is more pronounced in recessions. This suggests that the central bank communicates strategically by obfuscating the reports when their private information is unfavorable.

KW - Latent Dirichlet allocation (LDA)

KW - Modality

KW - Monetary policy

KW - Natural language processing

KW - Transparency

KW - Verifiable disclosure model

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JO - Journal of Economic Dynamics and Control

JF - Journal of Economic Dynamics and Control

ER -

Strategic central bank communication: Discourse analysis of the Bank of Japan's Monthly Report

Abstract

Keywords

ASJC Scopus subject areas

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