Der Wert der Worte – Wie digitale Methoden helfen, Kommunikations- und Wirtschaftswissenschaft zu verknüpfen
Die Anwendung digitaler Methoden bietet die Chance, Kommunikationswissenschaften und Ökonomik enger zu verknüpfen. So besteht in der Konjunktur- und der Finanzmarktforschung seit einigen Jahren ein wachsendes Interesse an der Einbeziehung von Medieninhalten, allerdings meist ohne Rückgriff auf die Kommunikationswissenschaften. Dieser Beitrag gibt einen Überblick über Ansätze zur Einbeziehung von Medieninhalten in der Wirtschaftsforschung und stellt einen neuen, multidimensionalen Indikator vor, der wirtschaftspolitische Unsicherheit auf der Grundlage des Topic-Modelling-Verfahrens Latent Dirichlet Allocation (LDA) misst: den Uncertainty Perception Indicator (UPI). Auf dieser Basis zeigen wir, wie sich der in der Ökonomik populäre Begriff des „Narrativs“ operationalisieren und mit dem kommunikationswissenschaftlichen Konzept des Frames verknüpfen lässt.
SchlüsselwörterTopic Modelling Wirtschaftswissenschaften Narrative Framing Unsicherheit
The value of words—how digital methods help to connect communication science and economics
The use of digital methods offers a chance to connect communication science with economics. In recent years, a growing body of research in economics has turned its attention to media content, assuming that journalistic coverage contains hitherto neglected information relevant for business cycles or financial market movements. Interestingly, these approaches largely ignore communication science’s established theories and empirical findings. This paper aims at building a bridge between the two disciplines. Its contribution is threefold: a) it provides an overview of the most important approaches in economics that incorporate media content; b) it operationalizes the concept of the “narrative”, as it is used in economics, and distinguishes it from the concept of the “frame”, essential in communication science; c) exemplifying our approach, we present a new Uncertainty Perception Indicator (UPI) based on the topic modeling method Latent Dirichlet Allocation (LDA), that enables us to isolate different factors of economic policy uncertainty contained in media coverage.
Economic studies treat journalistic media content as a proxy for sentiment prevalent in society. Typically, they rely on frequency analyses of certain keywords, like “recession” or “inflation”. Even more sophisticated approaches, such as Shiller (2017), who calls for establishing a new branch of “narrative economics”, or Baker et al. (2016), who construct a comprehensive set of media-based indicators, make no or little reference to communication science. This neglect could be discounted as pure ignorance, but this misses the point. Being a predominantly empirical discipline today, economics relies on long time-series of data, that have not been available for media content, a gap rendering the two disciplines largely incompatible.
The gap is also reflected in terminology. “Frame” is a major analytical concept in communication science, while the term “narrative” has become in vogue in economics. Although both concepts are closely connected, they are rarely properly distinguished from each other. “Frame” can be considered as a rather static concept that applies during a limited period of time. “Narrative”, in contrast, implies dynamic properties, i. e., the sorting of events, causes and effects over time, that explain how the current state of the world has come about, as stressed by Tenenboim-Weinblatt et al. (2016).
In this paper, we propose a synergetic concept. Following Entman (1993), a media frame contains four elements: a) a problem definition, b) a problem diagnosis, c) a moral judgement, and d) possible remedies. We augment this approach by adding two more elements. According to our definition, a media narrative comprises a frame, or several ones, plus e) one or several protagonists—persons, institutions, or social groupings (nations, classes, etc.)—, whose relationships are (often) antagonistic and may change over time; and f) events, that are chronologically integrated and that are (often) assumed to constitute causal relationships. To put it metaphorically: a frame is to a narrative what a still photo is to a movie. Both are valuable concepts; the still photo shows more details, while the movie provides a contextualization over time.
Topic models like LDA are valuable tools for the measurement of media narratives. The probabilistic approach enables researchers to conduct what may be called “macro-content analyses”, an exercise that focuses on average reporting patterns in large text corpora and can be translated into numerical time-series, thereby facilitating compatibility with empirical economics. Based on a topic’s frequency analysis, its top words and top articles, “mean media narratives” can be formulated, that integrate certain events, protagonists and frames.
In our case study, we exemplify this concept by applying it to an indicator that is currently popular in economics, the Economic Policy Uncertainty Index (Baker et al. 2016). The EPU aims at capturing political developments that are exogenous to economic models and therefore unpredictable. Essentially, the indicator is based on the counts of articles containing a set of search words, such as “uncertain”, “economic” as well as institutions like the European Central Bank. Using identical search words as the EPU for Germany, we construct a similar corpus for the years 1994 to 2017. By conducting an LDA-based analysis, we are able to extract additional relevant information from the data. In particular, the evolution of different uncertainty factors and their development over time can be detected.
Our Uncertainty Perception Indicator (UPI) contains six relevant news topics that are highly relevant for market developments: central banks, the national government, international politics, the business cycle, companies, and society. While the EPU merely shows how often uncertainty concerning economic policy is mentioned in the media, the UPI also indicates the origins of uncertainty. By grouping the six topics into three analytical categories—governments, markets, and society—we find a distinct break in the time-series. Before the financial crisis of 2008, the perception of uncertainty was rather balanced between the three factors. Since then, however, economic uncertainty has mainly been driven by political actors, most prominently by central banks. The corresponding narratives are a two-chapter story: in the first part, up to 2008, stable financial markets and smoothed business cycles prevailed, making central banking a rather straight-forward task. The second part is characterized by multiple crises, leaving central banks as dominant actors, that intervened with unconventional measures. Thereby, they became stabilizing forces, but at the same time sources of uncertainty with respect to the timing and the impact of these measures.
KeywordsTopic models Economics Narrative Framing Uncertainty
Die Autoren danken den Gutachtern und Herausgebern für viele wertvolle Hinweise, die Eingang in dieses Papier gefunden haben.
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