A Concern Analysis of Federal Reserve Statements: The Great Recession vs. The COVID-19 Pandemic
A Concern Analysis of Federal Reserve Statements: The Great Recession vs. The COVID-19 Pandemic
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DOI：
10.1109/bigdata50022.2020.9377828
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发表时间：
2020-12
期刊：
影响因子：
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通讯作者：
Luis Felipe Gutiérrez;Sima Siami‐Namini;Neda Tavakoli;A. Namin
中科院分区：
文献类型：
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作者：
Luis Felipe Gutiérrez;Sima Siami‐Namini;Neda Tavakoli;A. Namin
为了应对新的和未知的情况，如COVID-19大流行，比较和对比主要的经济危机是重要的，也是有益的。2006年的大衰退和2019年的大流行在失业率、消费支出和联邦设定的利率方面有很大的共同点。除了量化的历史数据，比较这两次危机期间联邦声明的内容也很有趣，并发现联邦是否关心类似的担忧，或者有一些其他问题需要单独和独特的货币政策。本文分析了联邦在2005年至2020年期间的声明中表达的担忧。使用自然语言处理（NLP）算法进行关注分析，并提出了关注的趋势分析。我们观察到，大衰退期间发布的联邦声明与2019年COVID-19大流行期间发布的声明存在一些相似之处。
It 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.