Benjamin Wachspress


Fixing paper assignments

  1. Please select all papers that belong to the same person.
  2. Indicate below which author they should be assigned to.
Provide a valid ORCID iD here. This will be used to match future papers to this author.
Provide the name of the school or the university where the author has received or will receive their highest degree (e.g., Ph.D. institution for researchers, or current affiliation for students). This will be used to form the new author page ID, if needed.

TODO: "submit" and "cancel" buttons here


2023

pdf bib
GPT Deciphering Fedspeak: Quantifying Dissent Among Hawks and Doves
Denis Peskoff | Adam Visokay | Sander Schulhoff | Benjamin Wachspress | Alan Blinder | Brandon Stewart
Findings of the Association for Computational Linguistics: EMNLP 2023

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’ attitudes about the economy. We use GPT-4 to quantify dissent among members on the topic of inflation. We find that transcripts and minutes reflect the diversity of member views about the macroeconomic outlook in a way that is lost or omitted from the public statements. In fact, diverging opinions that shed light upon the committee’s “true” attitudes are almost entirely omitted from the final statements. Hence, we argue that forecasting FOMC sentiment based solely on statements will not sufficiently reflect dissent among the hawks and doves.