Related papers: Mind the Shift: Decoding Monetary Policy Stance fr…

Monetary policy pronouncements by Federal Open Market Committee (FOMC) are a major driver of financial market returns. We construct the largest tokenized and annotated dataset of FOMC speeches, meeting minutes, and press conference…

Accurately forecasting central bank policy decisions, particularly those of the Federal Open Market Committee(FOMC) has become increasingly important amid heightened economic uncertainty. While prior studies have used monetary policy texts…

"Fedspeak", the stylized and often nuanced language used by the U.S. Federal Reserve, encodes implicit policy signals and strategic stances. The Federal Open Market Committee strategically employs Fedspeak as a communication tool to shape…

The U.S. Federal Open Market Committee (FOMC) regularly discusses and sets monetary policy, affecting the borrowing and spending decisions of millions of people. In this work, we release Op-Fed, a dataset of 1044 human-annotated sentences…

In this study, we analyze documents published by central banks using text mining techniques and propose a method to evaluate the policy tone of central banks. Since the monetary policies of major central banks have a broad impact on…

Large Language Models (LLMs) exhibit a troubling duality, capable of both remarkable generalization and brittle, verbatim memorization of their training data. This unpredictability undermines their reliability in high-stakes applications.…

Markets and policymakers around the world hang on the consequential monetary policy decisions made by the Federal Open Market Committee (FOMC). Publicly available textual documentation of their meetings provides insight into members'…

Common evaluation paradigms for language models focus on scoring single responses through accuracy metrics or proper scoring rules, failing to capture the full richness of a model's belief state. Recent work illustrates that language models…

Financial narratives from U.S. Securities and Exchange Commission (SEC) filing reports and quarterly earnings call transcripts (ECTs) are very important for investors, auditors, and regulators. However, their length, financial jargon, and…

Analyzing user opinion changes in long conversation threads is extremely critical for applications like enhanced personalization, market research, political campaigns, customer service, targeted advertising, and content moderation.…

Large Language Models (LLMs) have demonstrated remarkable capabilities in executing tasks based on natural language queries. However, these models, trained on curated datasets, inherently embody biases ranging from racial to national and…

Large language models (LLMs) exhibit degraded performance under prompt compression, but the mechanisms remain poorly understood. We introduce the Compression-Decay Comprehension Test (CDCT), a benchmark that independently measures…

Previous data-driven work investigating the types and distributions of discourse relation signals, including discourse markers such as 'however' or phrases such as 'as a result' has focused on the relative frequencies of signal words within…

Large Language Models (LLMs) apply uniform computation to all tokens, despite language exhibiting highly non-uniform information density. This token-uniform regime wastes capacity on locally predictable spans while under-allocating…

Central banks around the world play a crucial role in maintaining economic stability. Deciphering policy implications in their communications is essential, especially as misinterpretations can disproportionately impact vulnerable…

Communication is now a standard tool in the central bank's monetary policy toolkit. Theoretically, communication provides the central bank an opportunity to guide public expectations, and it has been shown empirically that central bank…

Understanding the decision-making processes of large language models (LLMs) is essential for their trustworthy development and deployment. However, current interpretability methods often face challenges such as low resolution and high…

Multimodal Large Models (MLLMs) have achieved remarkable progress in vision-language understanding and generation tasks. However, existing MLLMs typically rely on static modality fusion strategies, which treat all modalities equally…

Stance detection is an active task in natural language processing (NLP) that aims to identify the author's stance towards a particular target within a text. Given the remarkable language understanding capabilities and encyclopedic prior…

Despite growing interest in using Large Language Models (LLMs) for educational assessment, it remains unclear how closely they align with human scoring. We present a systematic evaluation of instruction-tuned LLMs across three open…