Transcription of Text as Data - Stanford University
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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. In macroeconomics, text is used to forecast variation in inflation and unemployment, and estimate the effects of policy uncertainty.
from the kinds of data often used in econom-ics is that text is inherently high dimensional. Suppose that we have a sample of documents, each of which is w words long, and suppose that each word is drawn from a vocabulary of p possible words. Then the unique repre-sentation of these documents has dimension p w. A sample of thirty-word Twitter mes -
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