Words That Unite The World: A Unified Framework for Deciphering Central Bank Communications Globally
Agam Shah, Siddhant Sukhani, Huzaifa Pardawala, Saketh Budideti, Riya Bhadani, Rudra Gopal, Siddhartha Somani, Rutwik Routu, Michael Galarnyk, Soungmin Lee, Arnav Hiray, Akshar Ravichandran, Eric Kim, Pranav Aluru, Joshua Zhang, Sebastian Jaskowski, Veer Guda, Meghaj Tarte

TL;DR
This paper introduces the WCB dataset, a comprehensive collection of central bank communications, and benchmarks multiple language models on tasks like stance detection, revealing that aggregated data improves model performance and supporting economic analysis.
Contribution
The paper presents the creation of the largest central bank communication dataset and provides a benchmarking framework for NLP tasks in monetary policy analysis.
Findings
Models trained on aggregated data outperform those trained on individual banks.
Benchmarking results show the effectiveness of various PLMs and LLMs on policy communication tasks.
Human evaluations confirm the economic utility of the proposed framework.
Abstract
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 populations. To address this, we introduce the World Central Banks (WCB) dataset, the most comprehensive monetary policy corpus to date, comprising over 380k sentences from 25 central banks across diverse geographic regions, spanning 28 years of historical data. After uniformly sampling 1k sentences per bank (25k total) across all available years, we annotate and review each sentence using dual annotators, disagreement resolutions, and secondary expert reviews. We define three tasks: Stance Detection, Temporal Classification, and Uncertainty Estimation, with each sentence annotated for all three. We benchmark seven Pretrained Language Models (PLMs) and nine…
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