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Text as Data - Stanford University

Journal of Economic Literature 2019, 57(3), 535 574 IntroductionNew technologies have made available vast quantities of digital text, recording an ever-increasing share of human interac-tion, communication, and culture. For social scientists, the information encoded in text is a rich complement to the more structured kinds of data traditionally used in research, and recent years have seen an explosion of empirical economics research using text as take just a few examples: In finance, text from financial news, social media, and company filings is used to predict asset price movements and study the causal impact of new information.

recorded as digital text. We provide an introduction to the use of text as an input to economic research. We discuss the features that make text different from other forms of data, offer a practical overview of relevant statistical methods, and survey a variety of applications. (JEL C38, C55, L82, Z13) * Gentzkow: Stanford University.

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