CentralBankRoBERTa: an LLM for Macroeconomics

How do communications about economic policies affect economic outcomes? What is the central bank saying about small business, the housing sector or government finances? In this article we explore CentralBankRoBERTa, a state-of-the-art economic agent classifier that distinguishes five basic macroeconomic agents and binary sentiment classifier that identifies the emotional content of sentences in macroeconomic communications. This post is based on the paper Pfeifer, M. and Marohl, V.P. (2023) “CentralBankRoBERTa: A Fine-Tuned Large Language Model for Central Bank Communications”.