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

Research output: Contribution to journalArticle


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 languageEnglish
Pages (from-to)230-250
Number of pages21
JournalJournal of Economic Dynamics and Control
Publication statusPublished - 2019 Mar 1



  • 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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