BoE economists mine tweets for early-warning indicator
Tweets could reveal early signs of financial instability
Bank of England (BoE) economists turned to Twitter in an attempt to catch early signs of a bank run developing in the weeks before Scotland's referendum on independence.
In a blog post published today (August 18), members of the BoE's advanced analytics department reveal how they were tasked with finding a way of using Twitter to predict bank runs.
The BoE is turning its attention to new forms of analysis, including the use of ‘big data' and ‘text mining'. Twitter combines both of these strands
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