BoE paper: mining newspaper text can boost forecasts

Bank of England
The Bank of England
Photo: Juno Snowdon Photography

Information taken from the texts of newspapers using AI tools can “significantly” improve forecasts of the economy, researchers say in a new Bank of England working paper.

Eleni Kalamara, Arthur Turrell, Chris Redl, George Kapetanios and Sujit Kapadia combine machine learning with “text-feature engineering”, which draws out a “large number of features”, or regressors, from the text of three popular UK newspapers.

In contrast to many other studies of information ‘mined’ from text, which have

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