IMF-从文本到量化洞察：央行沟通的大规模法学硕士分析（英）-2025.pdf

FromTexttoQuantified

Insights:ALarge-Scale

LLMAnalysisofCentral

BankCommunication

ThiagoChristianoSilva,KeiMoriya,andRomainMichelVeyrune

WP/25/109

IMFWorkingPapersdescriberesearchin

progressbytheauthor(s)andarepublishedto

elicitcommentsandtoencouragedebate.

TheviewsexpressedinIMFWorkingPapersare

thoseoftheauthor(s)anddonotnecessarily

representtheviewsoftheIMF,itsExecutiveBoard,

orIMFmanagement.

2025

JUN

©2025InternationalMonetaryFundWP/25/109

IMFWorkingPaper

MonetaryandCapitalMarketsDepartment

FromTexttoQuantifiedInsights:ALarge-ScaleLLMAnalysisofCentralBankCommunication

PreparedbyThiagoChristianoSilva,KeiMoriya,andRomainMichelVeyrune

AuthorizedfordistributionbyRomainMichelVeyrune

June2025

IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicit

commentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseofthe

author(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.

ABSTRACT:Thispaperintroducesaclassificationframeworktoanalyzecentralbankcommunicationsacross

fourdimensions:topic,communicationstance,sentiment,andaudience.Usingafine-tunedlargelanguage

modeltrainedoncentralbankdocuments,weclassifyindividualsentencestotransformpolicylanguageinto

systematicandquantifiablemetricsonhowcentralbanksconveyinformationtodiversestakeholders.Applied

toamultilingualdatasetof74,882documentsfrom169centralbanksspanning1884to2025,thisstudy

deliversthemostcomprehensiveempiricalanalysisofcentralbankcommunicationtodate.Monetary