BoE paper outlines big-data-based early warning indicator

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The paper seeks to extract sentiment from text – including business news

Research published by the Bank of England draws on text mining in an effort to show how narratives can drive decision-making, helping to produce an early warning indicator for the financial system.

The authors make use of unstructured data – text – from Reuters news articles, internal Bank of England communications and broker research reports. They seek out “conviction narratives”, the sorts of phrases that might persuade people to become more excited or anxious and act accordingly.

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