SUERF Policy Brief No. 528 on Fed Speeches Meet Transformer Models

This short policy article discusses the use of state-of-the-art methods from natural language processing to examine the evolution of the Fed’s interpretation of its mandate over time, using the largest corpus of Fed speeches assembled to-date:

It is based on our recently published working paper: Bertsch, Christoph, Hull, Isaiah, Lumsdaine, Robin L. and Xin Zhang (2022). “Central Bank Mandates and Monetary Policy Stances: through the Lens of Federal Reserve Speeches,” Sveriges Riksbank Working Paper Series No. 417, 2022: