Details
| Translated title of the contribution | Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016 |
|---|---|
| Original language | French |
| Pages (from-to) | 393-425 |
| Number of pages | 33 |
| Journal | OEconomia |
| Volume | 13 |
| Issue number | 2 |
| Publication status | Published - 2023 |
| Externally published | Yes |
Abstract
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.
Keywords
- academia, Federal reserve, monetary policy, topic modeling, transcripts
ASJC Scopus subject areas
- Arts and Humanities(all)
- History
- Social Sciences(all)
- Sociology and Political Science
- Economics, Econometrics and Finance(all)
Cite this
- Standard
- Harvard
- Apa
- Vancouver
- BibTeX
- RIS
In: OEconomia, Vol. 13, No. 2, 2023, p. 393-425.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - Macroéconomie universitaire et politique monétaire
T2 - Modèles thématiques des transcriptions du Federal Open Market Committee de 1976 à 2016
AU - Bakeev, Murat
N1 - Publisher Copyright: © 2023 American Economic Association. All rights reserved.
PY - 2023
Y1 - 2023
N2 - 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.
AB - 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.
KW - academia
KW - Federal reserve
KW - monetary policy
KW - topic modeling
KW - transcripts
UR - http://www.scopus.com/inward/record.url?scp=85175851756&partnerID=8YFLogxK
U2 - 10.4000/oeconomia.15513
DO - 10.4000/oeconomia.15513
M3 - Article
AN - SCOPUS:85175851756
VL - 13
SP - 393
EP - 425
JO - OEconomia
JF - OEconomia
SN - 2113-5207
IS - 2
ER -