标题： 影响市场的词语-量化印度央行货币政策沟通对印度金融市场的影响 显示英文标题

标题： Words that Move Markets- Quantifying the Impact of RBI's Monetary Policy Communications on Indian Financial Market

摘要： 我们使用先进的自然语言处理技术，从2014年4月到2024年6月分析印度储备银行（RBI）货币政策沟通对印度金融市场的影响。 采用BERTopic进行主题建模，以及微调的RoBERTa模型进行情感分析，我们评估了不同经济主题中情感变化如何影响股市。 我们的研究结果表明，鸽派情感通常会导致股市下跌，尤其是在与利率政策框架和经济增长相关的主题上，这表明市场参与者将鸽派语言解读为经济疲软而非政策宽松的信号。 相反，关于外汇储备管理的鸽派情感对股市有积极影响。 这些结果突显了在新兴市场中，中央银行采用特定主题的沟通策略的重要性。 显示英文摘要

摘要： We analyze the impact of the Reserve Bank of India's (RBI) monetary policy communications on Indian financial market from April 2014 to June 2024 using advanced natural language processing techniques. Employing BERTopic for topic modeling and a fine-tuned RoBERTa model for sentiment analysis, we assess how variations in sentiment across different economic topics affect the stock market. Our findings indicate that dovish sentiment generally leads to declines in equity markets, particularly in topics related to the interest rate policy framework and economic growth, suggesting that market participants interpret dovish language as signaling economic weakness rather than policy easing. Conversely, dovish sentiment regarding foreign exchange reserves management has a positive impact on equity market. These results highlight the importance of topic-specific communication strategies for central banks in emerging markets.