Real‐time macroeconomic projection using narrative central bank communication
利用央行叙事沟通进行实时宏观预测
Summary Unlike the central banks of most developed economies, the People's Bank of China (PBC) does not release its macroeconomic forecasts to the public but instead carries out narrative communication. We apply a hurdle distributed multinomial regression to PBC communication texts in real time, addressing the ultrahigh dimensionality, sparsity, and look‐ahead biases. In addition, we embed text‐based indices into mixed‐data sampling (MIDAS)‐type models and conduct forecast…