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

Research output: Contribution to journalArticle

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 languageEnglish
Pages (from-to)230-250
Number of pages21
JournalJournal of Economic Dynamics and Control
Volume100
DOIs
Publication statusPublished - 2019 Mar 1

Fingerprint

Discourse Analysis
Japan
Private Information
Business Cycles
Communication
Ambiguous
Industry
Tend
Banks
Bank of Japan
Central bank communication
Discourse analysis

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

Cite this

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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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KW - Natural language processing

KW - Transparency

KW - Verifiable disclosure model

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