Advanced search
Publication Cover
Journal of Business & Economic Statistics Volume 38, 2020 - Issue 2
Submit an article Journal homepage
3,876
Views
73
CrossRef citations to date
0
Altmetric
Original Articles

Words are the New Numbers: A Newsy Coincident Index of the Business Cycle

Leif Anders ThorsrudNorges Bank and Centre for Applied Macro and Petroleum Economics, BI Norwegian Business School, 0484Oslo, Norway ([email protected])
Pages 393-409 | Received 01 Nov 2017, Published online: 05 Nov 2018

Citations (73)

Keep up to date with the latest research on this topic with citation updates for this article.

Subscribe to citation updates

Read on this site (4)

Luca Barbaglia, Sergio Consoli & Sebastiano Manzan. (2023) Forecasting with Economic News. Journal of Business & Economic Statistics 41:3, pages 708-719.
Read now
Yihong Chen, Tao Hu & Peiying Song. (2023) Identifying the role of media discourse in tourism demand forecasting. Current Issues in Tourism 0:0, pages 1-15.
Read now
Liu Yang, Kajal Lahiri & Adrian Pagan. (2023) Getting the ROC into Sync. Journal of Business & Economic Statistics 0:0, pages 1-13.
Read now
Andrii Babii, Eric Ghysels & Jonas Striaukas. (2022) Machine Learning Time Series Regressions With an Application to Nowcasting. Journal of Business & Economic Statistics 40:3, pages 1094-1106.
Read now

Articles from other publishers (69)

Chung-Chi Chen, Yu-Lieh Huang & Fang Yang. (2024) Semantics matter: An empirical study on economic policy uncertainty index. International Review of Economics & Finance 89, pages 1286-1302.
Crossref
Tingguo Zheng, Xinyue Fan, Wei Jin & Kuangnan Fang. (2023) Forecasting CPI with multisource data: The value of media and internet information. Journal of Forecasting.
Crossref
Ahmed Bouteska, Giovanni Cardillo & Murad Harasheh. (2023) Is it all about noise? Investor sentiment and risk nexus: evidence from China. Finance Research Letters 57, pages 104197.
Crossref
Wanbo Lu, Yifu Wang & Xingjian Zhang. (2023) Which news topics drive economic prosperity in China?. PLOS ONE 18:10, pages e0291862.
Crossref
Luca Barbaglia, Lorenzo Frattarolo, Luca Onorante, Filippo Maria Pericoli, Marco Ratto & Luca Tiozzo Pezzoli. (2023) Testing big data in a big crisis: Nowcasting under Covid-19. International Journal of Forecasting 39:4, pages 1548-1563.
Crossref
Elliott Ash & Stephen Hansen. (2023) Text Algorithms in Economics. Annual Review of Economics 15:1, pages 659-688.
Crossref
Asif M. Ruman. (2023) A Comparative Textual Study of FOMC Transcripts Through Inflation Peaks. Journal of International Financial Markets, Institutions and Money 87, pages 101822.
Crossref
Erik Andres-Escayola, Corinna Ghirelli, Luis Molina, Javier J. Perez & Elena Vidal. (2023) Using Newspapers for Textual Indicators: Guidance Based on Spanish- and Portuguese-Speaking Countries. Computational Economics.
Crossref
Alina Stundziene, Vaida Pilinkiene, Jurgita Bruneckiene, Andrius Grybauskas, Mantas Lukauskas & Irena Pekarskiene. (2023) Future directions in nowcasting economic activity: A systematic literature review. Journal of Economic Surveys.
Crossref
Sercan Eraslan & Maximilian Schröder. (2023) Nowcasting GDP with a pool of factor models and a fast estimation algorithm. International Journal of Forecasting 39:3, pages 1460-1476.
Crossref
Tingguo Zheng, Xinyue Fan, Wei Jin & Kuangnan Fang. (2023) Words or numbers? Macroeconomic nowcasting with textual and macroeconomic data. International Journal of Forecasting.
Crossref
Louisa Kontoghiorghes & Ana Colubi. (2023) New metrics and tests for subject prevalence in documents based on topic modeling. International Journal of Approximate Reasoning 157, pages 49-69.
Crossref
Daniel Borup, Jorge Wolfgang Hansen, Benjamin Dybro Liengaard & Erik Christian Montes Schütte. (2023) Quantifying investor narratives and their role during COVID‐19. Journal of Applied Econometrics 38:4, pages 512-532.
Crossref
Meng Qi, Bei Zhang, Junjie Li & Bangfan Liu. (2023) The Three-Dimensional Analytical and Governance Logic of China’s Digital Divide Bridging Policy. Sustainability 15:9, pages 7220.
Crossref
Pengyue Wu, Wenjing Xu & Jing Ma. (2023) Policy Evolution and Effect Evaluation of Zhejiang Manufacturing Industry Based on Text Data. Journal of the Knowledge Economy.
Crossref
André Kallåk Anundsen, Bjørnar Karlsen Kivedal, Erling Røed Larsen & Leif Anders Thorsrud. (2023) Behavioral changes in the housing market before and after the Covid-19 lockdown. Journal of Housing Economics 59, pages 101907.
Crossref
Yiran Shen, Chang Liu, Xiaolei Sun & Kun Guo. (2023) Investor sentiment and the Chinese new energy stock market: A risk–return perspective. International Review of Economics & Finance 84, pages 395-408.
Crossref
Jianhao Lin, Jiacheng Fan, Yifan Zhang & Liangyuan Chen. (2022) Real‐time macroeconomic projection using narrative central bank communication. Journal of Applied Econometrics 38:2, pages 202-221.
Crossref
Marcel Garz. (2023) Macroeconomic news: A literature survey and methodological guidelines. SSRN Electronic Journal.
Crossref
Philipp Adämmer, Jan Prüser & Rainer Alexander Schüssler. (2023) Forecasting Macroeconomic Tail Risk in Real Time: Do Textual Data Add Value?. SSRN Electronic Journal.
Crossref
Philipp Adämmer, Sven Lehmann & Rainer Alexander Schüssler. (2023) Local Predictability in High Dimensions. SSRN Electronic Journal.
Crossref
Andres Algaba, Samuel Borms, Kris Boudt & Brecht Verbeken. (2023) Daily news sentiment and monthly surveys: A mixed-frequency dynamic factor model for nowcasting consumer confidence. International Journal of Forecasting 39:1, pages 266-278.
Crossref
Sebastiano Manzan. 2023. Handbook of Computational Social Science for Policy. Handbook of Computational Social Science for Policy 231 242 .
Luiz Renato Lima & Lucas Lúcio Godeiro. (2022) Equity‐premium prediction: Attention is all you need. Journal of Applied Econometrics 38:1, pages 105-122.
Crossref
Mihaela Simionescu. (2022) Econometrics of sentiments- sentometrics and machine learning: The improvement of inflation predictions in Romania using sentiment analysis. Technological Forecasting and Social Change 182, pages 121867.
Crossref
Victor Bystrov, Viktoriia Naboka, Anna Staszewska-Bystrova & Peter Winker. (2022) Cross-Corpora Comparisons of Topics and Topic Trends. Jahrbücher für Nationalökonomie und Statistik 242:4, pages 433-469.
Crossref
Eleni Kalamara, Arthur Turrell, Chris Redl, George Kapetanios & Sujit Kapadia. (2022) Making text count: Economic forecasting using newspaper text. Journal of Applied Econometrics 37:5, pages 896-919.
Crossref
Vegard Høghaug Larsen & Leif Anders Thorsrud. (2022) Asset returns, news topics, and media effects*. The Scandinavian Journal of Economics 124:3, pages 838-868.
Crossref
Sergio Consoli, Luca Barbaglia & Sebastiano Manzan. (2022) Fine-grained, aspect-based sentiment analysis on economic and financial lexicon. Knowledge-Based Systems 247, pages 108781.
Crossref
Jose Ramon Saura, Domingo Ribeiro-Soriano & Daniel Palacios-Marqués. (2022) Data-driven strategies in operation management: mining user-generated content in Twitter. Annals of Operations Research.
Crossref
S. V. Smirnov & S. S. Smirnov. (2022) Monitoring Russian business cycle with daily indicators. Voprosy Ekonomiki:5, pages 26-50.
Crossref
Justine Guillochon. (2022) News-driven household macroeconomic expectations: regional vs. national telecast information. SSRN Electronic Journal.
Crossref
Sergio Consoli, Matteo Negri, Amirhossein Tebbifakhr, Elisa Tosetti & Marco Turchi. 2022. Machine Learning, Optimization, and Data Science. Machine Learning, Optimization, and Data Science 308 323 .
Javier Maldonado & Esther Ruiz. (2021) Accurate Confidence Regions for Principal Components Factors*. Oxford Bulletin of Economics and Statistics 83:6, pages 1432-1453.
Crossref
Pradeep Mishra, Khder Alakkari, Mostafa Abotaleb, Pankaj Kumar Singh, Shilpi Singh, Monika Ray, Soumitra Sankar Das, Umme Habibah Rahman, Ali J. Othman, Nazirya Alexandrovna Ibragimova, Gulfishan Firdose Ahmed, Fozia Homa, Pushpika Tiwari & Ritisha Balloo. (2021) Nowcasting India Economic Growth Using a Mixed-Data Sampling (MIDAS) Model (Empirical Study with Economic Policy Uncertainty–Consumer Prices Index). Data 6:11, pages 113.
Crossref
Pilar Poncela, Esther Ruiz & Karen Miranda. (2021) Factor extraction using Kalman filter and smoothing: This is not just another survey. International Journal of Forecasting 37:4, pages 1399-1425.
Crossref
Yi-Ting Chen. (2020) A mixed-frequency smooth measure for business conditions. Empirical Economics 61:4, pages 1699-1724.
Crossref
Keiichi Goshima, Hiroshi Ishijima, Mototsugu Shintani & Hiroki Yamamoto. (2021) Forecasting Japanese inflation with a news-based leading indicator of economic activities. Studies in Nonlinear Dynamics & Econometrics 25:4, pages 111-133.
Crossref
Sabri Boubaker, Zhenya Liu & Ling Zhai. (2021) Big data, news diversity and financial market crash. Technological Forecasting and Social Change 168, pages 120755.
Crossref
Callan Windsor. (2021) THE INTELLECTUAL IDEAS INSIDE CENTRAL BANKS: WHAT'S CHANGED (OR NOT) SINCE THE CRISIS?. Journal of Economic Surveys 35:2, pages 539-565.
Crossref
Pablo Aguilar, Corinna Ghirelli, Matías Pacce & Alberto Urtasun. (2021) Can news help measure economic sentiment? An application in COVID-19 times. Economics Letters 199, pages 109730.
Crossref
Anna Grabar, Lyubov Manukhina & Nataliya Nikonova. (2021) Indicative assessment method of the public perception of environmental marketing ideas. E3S Web of Conferences 244, pages 10023.
Crossref
Corinna Ghirelli, Samuel Hurtado, Javier J. Pérez & Alberto Urtasun. 2021. Data Science for Economics and Finance. Data Science for Economics and Finance 169 194 .
Marc Burri & Daniel Kaufmann. (2020) A daily fever curve for the Swiss economy. Swiss Journal of Economics and Statistics 156:1.
Crossref
Larisa Adamyan, Kirill Efimov, Cathy Y. Chen & Wolfgang K. Härdle. (2020) Adaptive weights clustering of research papers. Digital Finance 2:3-4, pages 169-187.
Crossref
Andres Algaba, David Ardia, Keven Bluteau, Samuel Borms & Kris Boudt. (2020) ECONOMETRICS MEETS SENTIMENT: AN OVERVIEW OF METHODOLOGY AND APPLICATIONS. Journal of Economic Surveys 34:3, pages 512-547.
Crossref
Kyoto Yono, Hiroki Sakaji, Hiroyasu Matsushima, Takashi Shimada & Kiyoshi Izumi. (2020) Construction of Macroeconomic Uncertainty Indices for Financial Market Analysis Using a Supervised Topic Model. Journal of Risk and Financial Management 13:4, pages 79.
Crossref
Diana Gabrielyan, Jaan Masso & Lenno Uusküla. 2020. Theory and Applications of Time Series Analysis. Theory and Applications of Time Series Analysis 253 271 .
Luca Barbaglia, Sergio Consoli & Sebastiano Manzan. 2020. Mining Data for Financial Applications. Mining Data for Financial Applications 101 106 .
Philip M. E. Garboden. 2020. Macroeconomic Forecasting in the Era of Big Data. Macroeconomic Forecasting in the Era of Big Data 3 23 .
Oguzhan Cepni, I. Ethem Guney & Norman R. Swanson. (2019) Forecasting and nowcasting emerging market GDP growth rates: The role of latent global economic policy uncertainty and macroeconomic data surprise factors. Journal of Forecasting 39:1, pages 18-36.
Crossref
Stephen Hansen, Michael McMahon & Matthew Tong. (2019) The long-run information effect of central bank communication. Journal of Monetary Economics 108, pages 185-202.
Crossref
David Ardia, Keven Bluteau & Kris Boudt. (2019) Questioning the news about economic growth: Sparse forecasting using thousands of news-based sentiment values. International Journal of Forecasting 35:4, pages 1370-1386.
Crossref
Kristoffer P. Nimark & Stefan Pitschner. (2019) News media and delegated information choice. Journal of Economic Theory 181, pages 160-196.
Crossref
Philip Economides & Giorgi Nikolaishvili. (2022) Measuring Economic Activity in the Presence of Superstar MNEs. SSRN Electronic Journal.
Crossref
Luca Barbaglia, Lorenzo Frattarolo, Luca Onorante, Luca Tiozzo Pezzoli, Filippo M. Pericoli & Marco Ratto. (2022) Testing Big Data in a Big Crisis: Nowcasting under COVID-19. SSRN Electronic Journal.
Crossref
Ziyan Zhao & Qingfeng Liu. (2021) The Time Varying Structural Approximate Dynamic Factor Model. SSRN Electronic Journal.
Crossref
Armando Marozzi. (2021) The ECB's Tracker: Nowcasting the Press Conferences of the ECB. SSRN Electronic Journal.
Crossref
Luca Barbaglia, Sergio Consoli & Sebastiano Manzan. (2021) Forecasting GDP in Europe with Textual Data. SSRN Electronic Journal.
Crossref
Sergio Consoli, Luca Barbaglia & Sebastiano Manzan. (2021) Fine-Grained, Aspect-Based Sentiment Analysis on Economic and Financial Lexicon. SSRN Electronic Journal.
Crossref
Daniel Borup, Jorge Hansen, Benjamin Liengaard & Erik Christian Montes Schütte. (2020) Tell Me a Story: Quantifying Economic Narratives and Their Role during COVID-19. SSRN Electronic Journal.
Crossref
Andres Algaba, Samuel Borms, Kris Boudt & Brecht Verbeken. (2020) Monitoring Consumer Confidence: A Real-Time Approach Using Media News Articles. SSRN Electronic Journal.
Crossref
Andrii Babii, Eric Ghysels & Jonas Striaukas. (2019) Estimation and HAC-based Inference for Machine Learning Time Series Regressions. SSRN Electronic Journal.
Crossref
Leland Bybee, Bryan T. Kelly, Asaf Manela & Dacheng Xiu. (2019) The Structure of Economic News. SSRN Electronic Journal.
Crossref
Philipp Adämmer & Rainer Alexander Schüssler. (2019) Forecasting the Equity Premium: Mind the News!. SSRN Electronic Journal.
Crossref
Luiz Renato Lima, Lucas Godeiro & Mohammed Mohsin. (2019) Time-Varying Dictionary and the Predictive Power of FED Minutes. SSRN Electronic Journal.
Crossref
Andras Fulop & Zalan Kocsis. (2018) News-Based Indices on Country Fundamentals: Do They Help Explain Sovereign Credit Spread Fluctuations?. SSRN Electronic Journal.
Crossref
David Ardia, Keven Bluteau & Kris Boudt. (2017) Aggregating the Panel of Daily Textual Sentiment for Sparse Forecasting of Economic Growth. SSRN Electronic Journal.
Crossref
Andres Algaba, David Ardia, Keven Bluteau, Samuel Borms & Kris Boudt. (2019) Econometrics Meets Sentiment: An Overview of Methodology and Applications. SSRN Electronic Journal.
Crossref

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Order Reprints Request Corporate Permissions

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

Request Academic Permissions

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.

Related research

People also read lists articles that other readers of this article have read.

Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine.

Cited by lists all citing articles based on Crossref citations.
Articles with the Crossref icon will open in a new tab.