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Can ChatGPT Decipher Fedspeak?

Hansen, Anne Lundgaard and Kazinnik, Sophia, Can ChatGPT Decipher Fedspeak? (March 24, 2023). Available at SSRN: or  – Yes! This paper investigates the ability of Generative Pre-training Transformer (GPT) models to decipher Fedspeak, a term used to describe the technical language used by the Federal Reserve to communicate on monetary policy decisions. We evaluate the ability of GPT models to classify the policy stance of Federal Open Market Committee (FOMC) announcements relative to a human classified benchmark. The performance of GPT models surpasses that of other popular classification methods.”

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