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.
duce high-frequency estimates of macro - economic variables such as unemployment claims, retail sales, and consumer sentiment that are otherwise available only at lower fre-quencies from survey data. Groseclose and Milyo (2005) compare the text of news out-lets to speeches of congresspeople in order to estimate the outlets’ political slant.
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