We propose a novel approach to measure monetary policy shocks using sentiment analy-\sis, which is relatively free from specification errors compared to VAR-identified shocks and allows time for a wider circle of market participants to digest information com-pared to shocks identified through...

We quantify the Monetary Policy Board (MPB) minutes of the Bank of Korea (BOK) using text mining. We propose a novel approach using a field-specific Korean dictionary and contiguous sequences of words (n-grams) to better capture the subtlety of central bank communications. We find that our...

Korean Abstract: 본고에서는 텍스트 분석이 이루어지는 과정, 주요 방법론, 경제 분석에의 적용 사례 등을 상세히 기술하였다. 텍스트 마이닝이란 빅데이터 분석 또는 데이터 과학의 대표적인 분야이며, 머신러닝 등 전산기술을...