Research
Discussion Paper
PIERspectives
aBRIDGEd
PIER Blog
Events
Conferences
Research Workshops
Policy Forums
Seminars
Exchanges
Research Briefs
Community
PIER Research Network
Visiting Fellows
Funding and Grants
About Us
Our Organization
Announcements
PIER Board
Staff
Work with Us
Contact Us
TH
EN
Research
Research
Discussion Paper
PIERspectives
aBRIDGEd
PIER Blog
Weather Fluctuations and Economic Growth at Subnational Level: Evidence from Thailand
Latest discussion Paper
Weather Fluctuations and Economic Growth at Subnational Level: Evidence from Thailand
ส่องปัญหาหนี้ครัวเรือนไทย: สาเหตุและทางเลือกของนโยบายการเงิน
Latest aBRIDGEd
ส่องปัญหาหนี้ครัวเรือนไทย: สาเหตุและทางเลือกของนโยบายการเงิน
Events
Events
Conferences
Research Workshops
Policy Forums
Seminars
Exchanges
Research Briefs
PIER Research Workshop ประจำปี 2568
Latest workshop
PIER Research Workshop ประจำปี 2568
Central Bank Reviews
Latest PIER Economics Seminar
Central Bank Reviews
สถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์
Puey Ungphakorn
Institute for
Economic Research
Puey Ungphakorn Institute for Economic Research
Community
Community
PIER Research Network
Visiting Fellows
Funding and Grants
PIER Research Network
PIER Research Network
Funding & Grants
Funding & Grants
About Us
About Us
Our Organization
Announcements
PIER Board
Staff
Work with Us
Contact Us
Staff
Staff
ประกาศรายชื่อผู้ได้รับทุนสถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์ ประจำปี 2568 รอบที่ 1
Latest announcement
ประกาศรายชื่อผู้ได้รับทุนสถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์ ประจำปี 2568 รอบที่ 1
Discussion Paperdp
QR code
Year
2025
2024
2023
2022
...
22 February 2017
20171487721600000
No. 054

More Than Words: A Textual Analysis of Monetary Policy Communication

Pongsak LuangaramWarapong Wongwachara

Abstract

This paper employs various tools from computational linguistics to monetary policy statements to gain exploratory insights into the nature of central bank communication. The sample was taken from a wide array of central banks, covering major central banks and others under the inflation-targeting (IT) regime, from 2000 to 2015. Three major aspects of communication were examined in this study, namely (i) readability – the ease with which a reader can understand a written text, (ii) topics – the key themes that are discussed in the policy statements, and (iii) tones – how positive/negative the outlook is in the central bank's language assessment.

Pongsak Luangaram
Pongsak Luangaram
Chulalongkorn University
Warapong Wongwachara
Warapong Wongwachara
Kiatnakin Phatra Financial Group
Download full text
JEL: E52E58
Tags: monetary policycommunicationcomputational linguistics
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Pongsak Luangaram
Pongsak Luangaram
Chulalongkorn University
Warapong Wongwachara
Warapong Wongwachara
Kiatnakin Phatra Financial Group

Puey Ungphakorn Institute for Economic Research

273 Samsen Rd, Phra Nakhon, Bangkok 10200

Phone: 0-2283-6066

Email: pier@bot.or.th

Terms of Service | Personal Data Privacy Policy

Copyright © 2025 by Puey Ungphakorn Institute for Economic Research.

Content on this site is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported license.

Creative Commons Attribution NonCommercial ShareAlike

Get PIER email updates

Facebook
YouTube
Email