This research asks what role central bank narrative plays in monetary policy shocks.

More broadly it considers whether narrative is important for assessing economic shocks and whether we can actually use NLP techniques to accurately and objectively find changes and content of narratives.

Narrative is useful in macroeconomics as it provides a new data source (add narrative metrics to models) for prediction and inference. It can possibly help central banks in emerging countries to assess the impact of the information they provide and help us better understand the importance of narrative at a large scale.