Rome — The Bank of Italy said on Monday a set of experimental indicators it created from the content of millions of tweets accurately tracked consumer mood on price, offering scope for a powerful new monetary policy tool.
“The results suggest that Twitter can be a new timely source for devising a method to elicit beliefs,” the authors of the 107-page study said, adding they believed the Italy-focused research could be replicated elsewhere. “The rationale for focusing on pure raw tweets count is the intuitive notion that the more people talk about something, the larger is the probability it reflects their opinion and that their view can influence other people’s expectations,” it said.
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