A Text Analysis of Federal Reserve meeting minutes

Abstract

Recent developments in monetary policy by the Federal Reserve has created a need for an objective method of communication analysis.Using methods developed for text analysis, we present a novel technique of analysis which creates a semantic space defined by various policymakers public comments and places the committee consensus in the appropriate location. Its then possible to determine which member of the committee is most closely aligned with the committee consensus over time and create a foundation for further actionable research.