Readability and Sentiment Analysis of Central Bank Communication in Central and Eastern Europe

This study analyzes the readability and sentiment of central bank communications across six Central and Eastern European countries. It reveals considerable variability in readability, with Moldova being the most accessible and Serbia the most complex. Notably, readability declined during the 2020 CO...

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Bibliographic Details
Published inJournal of advanced computational intelligence and intelligent informatics Vol. 28; no. 4; pp. 1018 - 1033
Main Author Celler, Jan
Format Journal Article
LanguageEnglish
Published Tokyo Fuji Technology Press Co. Ltd 01.07.2024
Subjects
Automation
Business cycles
Central banks
Communication
COVID-19
Data mining
Dictionaries
Economic conditions
Linguistics
Literature reviews
Monetary policy
Pandemics
Readability
Research methodology
Sentiment analysis
Volatility
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Summary:This study analyzes the readability and sentiment of central bank communications across six Central and Eastern European countries. It reveals considerable variability in readability, with Moldova being the most accessible and Serbia the most complex. Notably, readability declined during the 2020 COVID-19 pandemic, reflecting the urgent and complex nature of economic communication. The study finds no direct correlation between readability and sentiment; however, the net hawkishness index significantly correlates with business cycle phases, suggesting its potential to forecast monetary policy shifts. This study underscores the intricate relationship between central bank communication, readability, sentiment, and economic conditions, advocating for enhanced clarity in central bank communication. It also highlights the importance of domain-specific sentiment analysis for interpreting and predicting the implications of monetary policy communication, providing valuable insights for policymakers and market participants.
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ISSN:1343-0130
1883-8014
DOI:10.20965/jaciii.2024.p1018