@misc{7dd0ee9f-c483-4f1d-9aa7-1128c202222b,
  abstract     = {{This paper identifies monetary policy shocks for Sweden. Based on the written language in<br/>documents prepared by staff ahead of Riksbank policy meetings, I construct text-based regressors that are shown to systematically predict shocks identified with standard methods such as<br/>the Romer and Romer (2004) Greenbook approach and high-frequency identification. Defin-<br/>ing text-based monetary policy shocks as the part of the standard shock that is uncorrelated<br/>with this rich nonstandard source of information, I study the effect of monetary policy on key<br/>monetary aggregates using local projections. The dynamic responses to my text-based policy<br/>shocks are in line with theoretical expectations for a majority of variables at both quarterly<br/>and annual frequency. Text-based Romer and Romer shocks are more in line with ’textbook’<br/>responses compared to high-frequency based shocks. All results are robust to alternative text-<br/>analytic implementations, model specifications and lag length selection in local projections.}},
  author       = {{Almgren, Pelle}},
  keywords     = {{Monetary Policy Shocks; Textual Analysis; Riksbank; BERT; Local Projections; C22; C38; C45; E32; E52; E58}},
  language     = {{eng}},
  note         = {{Working Paper}},
  number       = {{2026:10}},
  series       = {{Working Papers}},
  title        = {{Text-Based Identification of Monetary Policy Shocks}},
  url          = {{https://lup.lub.lu.se/search/files/260382744/WP26_10_cover_combined.pdf}},
  year         = {{2026}},
}