ChatGPT can apparently read between the lines of crucial — and sometimes challenging-to-parse — communications from central bankers.
by two Fed staffers who ran several tests to determine whether the artificial intelligence tool could accurately decipher hawkish signals from dovish ones. According to their findings, the answer is yes.Richmond Fed researchers Anne Lundgaard Hansen and Sophia Kazinnik randomly selected hundreds of sentences from Fed policy statements published between 2010 and 2020.
Each sentence was assigned a label — like "hawkish" or "mostly dovish" or "neutral." The team then evaluated how the chatbot's classifications compared to those human classifications.Hansen and Kazinnik found that GPT models "demonstrate a strong performance in classifying Fedspeak sentences.
"Thus, while GPT models may not be able to fully replace human evaluators, they can serve as a highly valuable tool for assisting researchers and analysts in this domain."
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