Text Mining-based Economic Activity Estimation

Ksenia Yakovleva, Bank of Russia

Citation: Yakovleva K. (2018). Text Mining-based Economic Activity Estimation. Russian Journal of Money and Finance, 77(4), pp. 26–41.
doi: 10.31477/rjmf.201804.26

Abstract
Tis paper outlines a methodology for constructing a high frequency indicator of economic activity in Russia. News stories from internet resources are used as data sources. News data is analysed using text mining and machine learning methods, which, although developed only relatively recently, have quickly found wide application in scientific research, including economic studies. Tis is because news is not only a key source of information but a way to gauge the sentiment of journalists and survey respondents about the current situation and convert it into quantitative data.

Keywords: economic activity estimates, nowcasting, text mining, machine learning, Big Data, data mining, topic modelling, sentiment analysis
JEL Codes: С51, С81, E37

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