Text mining

Iulia Bucur and Ed Hill Modern language models – think OpenAI’s GPTs, Google’s Gemini or DeepSeek – are powerful tools: but how can we use them in economic policymaking? Economic analysis often relies on decompositions to understand macroeconomic data and inform counterfactuals. But these decompositions are typically obtained from numerical data or macroeconomic models and … Continue reading All shocks are different: insights from sentiment and topic analysis using LLMs →

James Duffy and James Sanders Understanding a payment’s journey around the globe can be difficult. As the operator of the UK’s high-value payment system (CHAPS), the Bank is all too familiar with this challenge. By leveraging the benefits of the newly introduced ISO 20022 standard for messaging, we have devised a new methodology to identify … Continue reading Payments without borders: using ISO 20022 to identify cross-border payments in CHAPS →