Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016
This article explores the place of academic macroeconomics discourse in the discussions of monetary policy makers, using the transcripts of meetings of the Federal Open Market Committee (FOMC) from 1976 to 2016. Latent Dirichlet Allocation (LDA) is used to separate the transcripts into topics of dis...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Association Œconomia
2023-06-01
|
| Series: | Œconomia |
| Subjects: | |
| Online Access: | http://journals.openedition.org/oeconomia/15513 |
| _version_ | 1797402357746630656 |
|---|---|
| author | Murat Bakeev |
| author_facet | Murat Bakeev |
| author_sort | Murat Bakeev |
| collection | DOAJ |
| description | This article explores the place of academic macroeconomics discourse in the discussions of monetary policy makers, using the transcripts of meetings of the Federal Open Market Committee (FOMC) from 1976 to 2016. Latent Dirichlet Allocation (LDA) is used to separate the transcripts into topics of discussion. The article shows that policy makers with a PhD in economics contributed more to the discussion of econometric models and theoretical frameworks. At the same time, they were not inclined to discuss issues of monetary policy credibility to a greater extent. Having received a PhD from a “freshwater” or a “saltwater” school of macroeconomics was found to not be linked with a greater or lesser contribution to the discussion of the “academic” topics. This article’s findings support the existing evidence for the growing link between academia and central banks, demonstrating an increase in the discussion of econometric models and theoretical frameworks in recent decades. |
| first_indexed | 2024-03-09T02:23:53Z |
| format | Article |
| id | doaj.art-d0e94c5a9b344a4190f8f09530370285 |
| institution | Directory Open Access Journal |
| issn | 2113-5207 2269-8450 |
| language | English |
| last_indexed | 2024-03-09T02:23:53Z |
| publishDate | 2023-06-01 |
| publisher | Association Œconomia |
| record_format | Article |
| series | Œconomia |
| spelling | doaj.art-d0e94c5a9b344a4190f8f095303702852023-12-06T16:23:23ZengAssociation ŒconomiaŒconomia2113-52072269-84502023-06-0113239342510.4000/oeconomia.15513Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016Murat BakeevThis article explores the place of academic macroeconomics discourse in the discussions of monetary policy makers, using the transcripts of meetings of the Federal Open Market Committee (FOMC) from 1976 to 2016. Latent Dirichlet Allocation (LDA) is used to separate the transcripts into topics of discussion. The article shows that policy makers with a PhD in economics contributed more to the discussion of econometric models and theoretical frameworks. At the same time, they were not inclined to discuss issues of monetary policy credibility to a greater extent. Having received a PhD from a “freshwater” or a “saltwater” school of macroeconomics was found to not be linked with a greater or lesser contribution to the discussion of the “academic” topics. This article’s findings support the existing evidence for the growing link between academia and central banks, demonstrating an increase in the discussion of econometric models and theoretical frameworks in recent decades.http://journals.openedition.org/oeconomia/15513Federal Reservetranscriptsmonetary policyacademiatopic modeling |
| spellingShingle | Murat Bakeev Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 Œconomia Federal Reserve transcripts monetary policy academia topic modeling |
| title | Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 |
| title_full | Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 |
| title_fullStr | Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 |
| title_full_unstemmed | Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 |
| title_short | Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 |
| title_sort | academic macroeconomics and monetary policy topic modeling based on transcripts of the meetings of the federal open market committee from 1976 to 2016 |
| topic | Federal Reserve transcripts monetary policy academia topic modeling |
| url | http://journals.openedition.org/oeconomia/15513 |
| work_keys_str_mv | AT muratbakeev academicmacroeconomicsandmonetarypolicytopicmodelingbasedontranscriptsofthemeetingsofthefederalopenmarketcommitteefrom1976to2016 |