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240607 ||| eng |
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|a 9798400253522
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|a Albrizio, Silvia
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| 245 |
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|a Mining the Gap: Extracting Firms’ Inflation Expectations From Earnings Calls
|c Silvia Albrizio, Allan Dizioli, Pedro Simon
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 46 pages
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| 653 |
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|a Economics
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| 653 |
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|a Finance
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| 653 |
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|a Deflation
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| 653 |
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|a Expectations
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| 653 |
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|a Labor
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Currency crises
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| 653 |
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|a Artificial intelligence
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Futures
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| 653 |
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|a Speculations
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| 653 |
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|a Income economics
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| 653 |
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|a Mathematical and Quantitative Methods: General
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Inflation
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| 653 |
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|a Price indexes
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| 653 |
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|a Technological Change: Choices and Consequences
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Pension Funds
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| 653 |
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|a Investments: Futures
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| 653 |
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|a Labour
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| 653 |
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|a Technology
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| 653 |
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|a Financial institutions
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| 653 |
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|a Wages, Compensation, and Labor Costs: General
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Economics: General
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| 653 |
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|a Consumer price indexes
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| 653 |
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|a Informal sector
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| 653 |
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|a Diffusion Processes
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| 653 |
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|a Intelligence (AI) & Semantics
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| 653 |
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|a Derivative securities
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Price Level
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| 653 |
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|a Prices
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| 653 |
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|a Wages
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| 700 |
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|a Dizioli, Allan
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| 700 |
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|a Simon, Pedro
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9798400253522.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2023/202/001.2023.issue-202-en.xml?cid=539617-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Using a novel approach involving natural language processing (NLP) algorithms, we construct a new cross-country index of firms' inflation expectations from earnings call transcripts. Our index has a high correlation with existing survey-based measures of firms' inflation expectations, it is robust to external validation tests and is built using a new method that outperforms other NLP algorithms. In an application of our index to United States, we uncover some facts related to firm's inflation expectations. We show that higher expected inflation translates into future inflation. Going into the firms level dimension of our index, we show departures from a rational framework in firms' inflation expectations and that firms' attention to the central enhances monetary policy effectiveness
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