Narratives under the microscope: what MPC transcripts can tell us about policy thinking

Dragos Gorduza, Livia Silva Paranhos and Ivan Yotzov Monetary policy decisions reflect incoming data, forecasts, and policymaker preferences. In this post, we use large language models (LLMs) to analyse Bank of England Monetary Policy Committee (MPC) transcripts from 2015 to 2017. We extract structured measures of individual views on inflation and growth, and the narratives … Continue reading Narratives under the microscope: what MPC transcripts can tell us about policy thinking →