Recent research
Here is a selection of recent papers featuring data generated by NL Analytics or similar sources
Last updated
Here is a selection of recent papers featuring data generated by NL Analytics or similar sources
Last updated
Policy institutions such as the Bank of Canada, the European Bank for Reconstruction and Development (EBRD), the European Central Bank (ECB), the Federal Reserve Bank of Kansas City, and the International Monetary Fund (IMF) are increasingly using text-based analyses from earnings call transcripts to gain real-time insights into economic conditions and corporate behavior.
"," by Silvia Albrizio, Allan Dizioli, and Pedro Vitale Simon. International Monetary Fund Working Paper, October 2023, 202, Pages 8-28.
The paper uses earnings call transcripts to construct a cross-country index of firms' inflation expectations.
"," by IMF Staff. International Monetary Fund World Economic Outlook, October 2023, Chapter 2, Pages 53-65.
In Chapter 2 of the October 2023 WEO, the IMF Staff uses firms' earnings calls to provide a new measure of inflation expectations, highlighting their role in understanding inflation dynamics and monetary policy effectiveness.
"” by Laura Alfaro and Davin Chor. Federal Reserve Bank of Kansas City, August 2023.
The paper examines the "great reallocation" of global supply chains away from China, focusing on shifts in U.S. participation over the last four decades.
"," by Malin Andersson, Pedro Neves, and Carolina Nunes. European Central Bank Economic Bulletin, June 2023, 4, Pages 56-62.
The ECB Economic Bulletin argues that earnings call transcripts provide timely, high-frequency data on corporate sentiment and risk indices, which closely correlate with traditional economic indicators.
"," by Adam Jakubik and Michele Ruta. International Monetary Fund Working Papers, June 2023, Page 10.
The paper explores how rising trade policy uncertainty, measured from the text of earnings calls, affects bilateral trade patterns and shows that during periods of heightened uncertainty, countries tend to trade more with geopolitically aligned partners.
In Chapter 4 of the May 2023 WEO, the IMF Staff uses earnings calls to analyze the impact of economic and financial spillovers on firms' performance, highlighting the importance of narrative data in understanding market dynamics.
The analysis highlights that earnings call data from over 6,500 companies globally indicate that inflation, geopolitics, and monetary policy are the primary uncertainties for 2023, with inflation being the most frequently discussed risk factor.
In Chapter 3 of the 2022 Transition Report, the EBRD staff uses earnings call transcripts from firms in EBRD regions to understand how they manage their supply chain strategies.
In Chapter 1 of the October 2022 WEO, the IMF Staff uses earnings calls to highlight that companies frequently cited inflation, recession, the Ukraine war, and COVID-19 impacts as major risks; reflecting concerns over supply chain disruptions, labor market challenges, and geopolitical uncertainties.
The paper uses earnings call transcripts-based trade uncertainty measures from Hassan (2019) to investigate the impact of trade uncertainty on bank lending.
The paper uses earnings calls to demonstrate how monetary policy changes affect corporate innovation, intellectual property investments, and broader financial and economic conditions.
The paper applies NLP to earnings call transcripts to quantify global demand and supply shocks, and corroborates these findings with a structural Bayesian vector autoregression model.
The paper uses sentiment analysis of earnings calls to create a new economic slack indicator, revealing economic conditions and inflationary pressures often missed by conventional output gap measures.
The paper analyzes earnings calls to evaluate Chilean how unconventional policies affect firms' financing adjustments during COVID-19, including their effects on firms' choices between domestic and international debt issuance.
The paper utilizes earnings calls to analyze policy measures' impact on European corporates during COVID-19, revealing firms' responses and implications for liquidity and solvency.
The paper creates economic policy uncertainty (EPU) indices for Japan, showing how policy uncertainty from earnings calls adversely affects macroeconomic performance in investment, employment, and output.
"," by JaeBin Ahn, Benjamin Carton, Ashique Habib, Davide Malacrino, Dirk Muir, and Andrea Presbitero. International Monetary Fund World Economic Outlook, May 2023, Pages 2-45
" (6,500 companies have spoken: Inflation, geopolitics and monetary policy are the biggest uncertainties this year)," by Bastian Emil Ellegaard. Confederation of Danish Industry, April 2023, Pages 1-6.
"," by Francesca Faella, Beata Javorcik, Lucas Kitzmüller, Vincenzo Langella, and Helena Schweiger. European Bank for Reconstruction and Development Transition Report, November 2022, Chapter 3, Pages 59-61.
"," by IMF Staff. International Monetary Fund World Economic Outlook, October 2022, Page 16.
"," by Ricardo Correa, Julian di Giovanni, Linda S. Goldberg, and Camelia Minoiu. Federal Reserve Bank of New York Staff Reports, November 2023, 1076, Pages 2-37.
"," by Yueran Ma and Kaspar Zimmermann. Federal Reserve Bank of Kansas City, July 2023.
"," by Temel Taskin, and Franz Ulrich Ruch. Bank of Canada Staff Working Paper, June 2023.
"," by Marc-André Gosselin and Temel Taskin. Bank of Canada Staff Working Paper, June 2023.
"," by Miguel Acosta-Henao, Andres Fernandez, Patricia Gomez-Gonzalez, and Sebnem Kalemli-Ozcan. International Monetary Fund Working Paper, June 2023.
"," by Christian Ebeke, Nemanja Jovanovic, Laura Valderrama, and Jing Zhou. International Monetary Fund Working Paper, March 2021.
"," by Elif C. Arbatli, Steven J. Davis, Arata Ito, Naoko Miake, and Ikuo Saito. International Monetary Fund Working Paper, April 2017.