The Shifting Discourse of the European Central Bank: Exploring Structural Space in Semantic Networks

Abstract

Convenient access to vast and untapped collections of documents generated by organizations is a valuable resource for research. These documents (e.g., Press releases, reports, speech transcriptions, etc.) are a window into organizational strategies, communication patterns, and organizational behavior. However, the analysis of such large document corpora does not come without challenges. Two of these challenges are 1) the need for appropriate automated methods for text mining and analysis and 2) the redundant and predictable nature of the formalized discourse contained in these collections of texts. Our article proposes an approach that performs well in overcoming these particular challenges for the analysis of documents related to the recent financial crisis. Using semantic network analysis and a combination of structural measures, we provide an approach that proves valuable for a more comprehensive analysis of large and complex semantic networks of formal discourse, such as the one of the European Central Bank (ECB). We find that identifying structural roles in the semantic network using centrality measures jointly reveals important discursive shifts in the goals of the ECB which would not be discovered under traditional text analysis approaches.

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