A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic

Luis Felipe Gutierrez; Sima Siami-Namini; Neda Tavakoli; Akbar Siami Namin

doi:10.1109/BigData50022.2020.9377828

A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic

Luis Felipe Gutierrez, Sima Siami-Namini, Neda Tavakoli, Akbar Siami Namin

Computer Science

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

It is important and informative to compare and contrast major economic crises in order to confront novel and unknown cases such as the COVID-19 pandemic. The 2006 Great Recession and then the 2019 pandemic have a lot to share in terms of unemployment rate, consumption expenditures, and interest rates set by Federal Reserve. In addition to quantitative historical data, it is also interesting to compare the contents of Federal Reserve statements for the period of these two crises and find out whether Federal Reserve cares about similar concerns or there are some other issues that demand separate and unique monetary policies. This paper conducts an analysis to explore the Federal Reserve concerns as expressed in their statements for the period of 2005 to 2020. The concern analysis is performed using natural language processing (NLP) algorithms and a trend analysis of concern is also presented. We observe that there are some similarities between the Federal Reserve statements issued during the Great Recession with those issued for the 2019 COVID-19 pandemic.

Original language	English
Title of host publication	Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020
Editors	Xintao Wu, Chris Jermaine, Li Xiong, Xiaohua Tony Hu, Olivera Kotevska, Siyuan Lu, Weijia Xu, Srinivas Aluru, Chengxiang Zhai, Eyhab Al-Masri, Zhiyuan Chen, Jeff Saltz
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	2079-2086
Number of pages	8
ISBN (Electronic)	9781728162515
DOIs	https://doi.org/10.1109/BigData50022.2020.9377828
State	Published - Dec 10 2020
Event	8th IEEE International Conference on Big Data, Big Data 2020 - Virtual, Atlanta, United States Duration: Dec 10 2020 → Dec 13 2020

Publication series

Name	Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020

Conference

Conference	8th IEEE International Conference on Big Data, Big Data 2020
Country/Territory	United States
City	Virtual, Atlanta
Period	12/10/20 → 12/13/20

Keywords

Concern Analysis
Natural Language Processing
the COVID-19 Pandemic
the Great Recession

Access to Document

10.1109/BigData50022.2020.9377828

Cite this

Gutierrez, L. F., Siami-Namini, S., Tavakoli, N., & Namin, A. S. (2020). A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic. In X. Wu, C. Jermaine, L. Xiong, X. T. Hu, O. Kotevska, S. Lu, W. Xu, S. Aluru, C. Zhai, E. Al-Masri, Z. Chen, & J. Saltz (Eds.), Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020 (pp. 2079-2086). Article 9377828 (Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/BigData50022.2020.9377828

Gutierrez, Luis Felipe ; Siami-Namini, Sima ; Tavakoli, Neda et al. / A Concern Analysis of Federal Reserve Statements : The Great Recession vs: The COVID-19 Pandemic. Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020. editor / Xintao Wu ; Chris Jermaine ; Li Xiong ; Xiaohua Tony Hu ; Olivera Kotevska ; Siyuan Lu ; Weijia Xu ; Srinivas Aluru ; Chengxiang Zhai ; Eyhab Al-Masri ; Zhiyuan Chen ; Jeff Saltz. Institute of Electrical and Electronics Engineers Inc., 2020. pp. 2079-2086 (Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020).

@inproceedings{63404e82fd9d4c6f8b557c042883b666,

title = "A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic",

abstract = "It is important and informative to compare and contrast major economic crises in order to confront novel and unknown cases such as the COVID-19 pandemic. The 2006 Great Recession and then the 2019 pandemic have a lot to share in terms of unemployment rate, consumption expenditures, and interest rates set by Federal Reserve. In addition to quantitative historical data, it is also interesting to compare the contents of Federal Reserve statements for the period of these two crises and find out whether Federal Reserve cares about similar concerns or there are some other issues that demand separate and unique monetary policies. This paper conducts an analysis to explore the Federal Reserve concerns as expressed in their statements for the period of 2005 to 2020. The concern analysis is performed using natural language processing (NLP) algorithms and a trend analysis of concern is also presented. We observe that there are some similarities between the Federal Reserve statements issued during the Great Recession with those issued for the 2019 COVID-19 pandemic.",

keywords = "Concern Analysis, Natural Language Processing, the COVID-19 Pandemic, the Great Recession",

author = "Gutierrez, {Luis Felipe} and Sima Siami-Namini and Neda Tavakoli and Namin, {Akbar Siami}",

note = "Publisher Copyright: {\textcopyright} 2020 IEEE.; 8th IEEE International Conference on Big Data, Big Data 2020 ; Conference date: 10-12-2020 Through 13-12-2020",

year = "2020",

month = dec,

day = "10",

doi = "10.1109/BigData50022.2020.9377828",

language = "English",

series = "Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

pages = "2079--2086",

editor = "Xintao Wu and Chris Jermaine and Li Xiong and Hu, {Xiaohua Tony} and Olivera Kotevska and Siyuan Lu and Weijia Xu and Srinivas Aluru and Chengxiang Zhai and Eyhab Al-Masri and Zhiyuan Chen and Jeff Saltz",

booktitle = "Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020",

}

Gutierrez, LF, Siami-Namini, S, Tavakoli, N & Namin, AS 2020, A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic. in X Wu, C Jermaine, L Xiong, XT Hu, O Kotevska, S Lu, W Xu, S Aluru, C Zhai, E Al-Masri, Z Chen & J Saltz (eds), Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020., 9377828, Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020, Institute of Electrical and Electronics Engineers Inc., pp. 2079-2086, 8th IEEE International Conference on Big Data, Big Data 2020, Virtual, Atlanta, United States, 12/10/20. https://doi.org/10.1109/BigData50022.2020.9377828

A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic. / Gutierrez, Luis Felipe; Siami-Namini, Sima; Tavakoli, Neda et al.
Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020. ed. / Xintao Wu; Chris Jermaine; Li Xiong; Xiaohua Tony Hu; Olivera Kotevska; Siyuan Lu; Weijia Xu; Srinivas Aluru; Chengxiang Zhai; Eyhab Al-Masri; Zhiyuan Chen; Jeff Saltz. Institute of Electrical and Electronics Engineers Inc., 2020. p. 2079-2086 9377828 (Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - A Concern Analysis of Federal Reserve Statements

T2 - 8th IEEE International Conference on Big Data, Big Data 2020

AU - Gutierrez, Luis Felipe

AU - Siami-Namini, Sima

AU - Tavakoli, Neda

AU - Namin, Akbar Siami

PY - 2020/12/10

Y1 - 2020/12/10

N2 - It is important and informative to compare and contrast major economic crises in order to confront novel and unknown cases such as the COVID-19 pandemic. The 2006 Great Recession and then the 2019 pandemic have a lot to share in terms of unemployment rate, consumption expenditures, and interest rates set by Federal Reserve. In addition to quantitative historical data, it is also interesting to compare the contents of Federal Reserve statements for the period of these two crises and find out whether Federal Reserve cares about similar concerns or there are some other issues that demand separate and unique monetary policies. This paper conducts an analysis to explore the Federal Reserve concerns as expressed in their statements for the period of 2005 to 2020. The concern analysis is performed using natural language processing (NLP) algorithms and a trend analysis of concern is also presented. We observe that there are some similarities between the Federal Reserve statements issued during the Great Recession with those issued for the 2019 COVID-19 pandemic.

AB - It is important and informative to compare and contrast major economic crises in order to confront novel and unknown cases such as the COVID-19 pandemic. The 2006 Great Recession and then the 2019 pandemic have a lot to share in terms of unemployment rate, consumption expenditures, and interest rates set by Federal Reserve. In addition to quantitative historical data, it is also interesting to compare the contents of Federal Reserve statements for the period of these two crises and find out whether Federal Reserve cares about similar concerns or there are some other issues that demand separate and unique monetary policies. This paper conducts an analysis to explore the Federal Reserve concerns as expressed in their statements for the period of 2005 to 2020. The concern analysis is performed using natural language processing (NLP) algorithms and a trend analysis of concern is also presented. We observe that there are some similarities between the Federal Reserve statements issued during the Great Recession with those issued for the 2019 COVID-19 pandemic.

KW - Concern Analysis

KW - Natural Language Processing

KW - the COVID-19 Pandemic

KW - the Great Recession

UR - http://www.scopus.com/inward/record.url?scp=85103840886&partnerID=8YFLogxK

U2 - 10.1109/BigData50022.2020.9377828

DO - 10.1109/BigData50022.2020.9377828

M3 - Conference contribution

AN - SCOPUS:85103840886

T3 - Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020

SP - 2079

EP - 2086

BT - Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020

A2 - Wu, Xintao

A2 - Jermaine, Chris

A2 - Xiong, Li

A2 - Hu, Xiaohua Tony

A2 - Kotevska, Olivera

A2 - Lu, Siyuan

A2 - Xu, Weijia

A2 - Aluru, Srinivas

A2 - Zhai, Chengxiang

A2 - Al-Masri, Eyhab

A2 - Chen, Zhiyuan

A2 - Saltz, Jeff

PB - Institute of Electrical and Electronics Engineers Inc.

Y2 - 10 December 2020 through 13 December 2020

ER -

Gutierrez LF, Siami-Namini S, Tavakoli N, Namin AS. A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic. In Wu X, Jermaine C, Xiong L, Hu XT, Kotevska O, Lu S, Xu W, Aluru S, Zhai C, Al-Masri E, Chen Z, Saltz J, editors, Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020. Institute of Electrical and Electronics Engineers Inc. 2020. p. 2079-2086. 9377828. (Proceedings - 2020 IEEE International Conference on Big Data, Big Data 2020). doi: 10.1109/BigData50022.2020.9377828

A Concern Analysis of Federal Reserve Statements: The Great Recession vs: The COVID-19 Pandemic

Abstract

Publication series

Conference

Keywords

Access to Document

Other files and links

Fingerprint

Cite this