A Concern Analysis of FOMC Statements Comparing The Great Recession and The COVID-19 Pandemic

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Tác giả: Luis Felipe Gutiérrez, Akbar Siami Namin, Sima Siami-Namini, Neda Tavakoli

Ngôn ngữ: eng

Ký hiệu phân loại: 339.4 Factors affecting income and wealth

Thông tin xuất bản: 2020

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 165736

Comment: 10 pagesIt is important and informative to compare and contrast major economic crises in order to confront novel and unknown cases such as the COVID-19 pandemic. The 2006 Great Recession and then the 2019 pandemic have a lot to share in terms of unemployment rate, consumption expenditures, and interest rates set by Federal Reserve. In addition to quantitative historical data, it is also interesting to compare the contents of Federal Reserve statements for the period of these two crises and find out whether Federal Reserve cares about similar concerns or there are some other issues that demand separate and unique monetary policies. This paper conducts an analysis to explore the Federal Reserve concerns as expressed in their statements for the period of 2005 to 2020. The concern analysis is performed using natural language processing (NLP) algorithms and a trend analysis of concern is also presented. We observe that there are some similarities between the Federal Reserve statements issued during the Great Recession with those issued for the 2019 COVID-19 pandemic.
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