The elephant in the markets

## the FED

[We apply textual analysis tools to the narratives that accompany Federal Reserve Board economic forecasts to measure the degree of optimism versus pessimism expressed in those narratives](https://www.federalreserve.gov/econres/feds/files/2020001pap.pdf)

[Monetary Policy and the Management of Uncertainty: A Narrative Approach](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3627721)
Bank of England

## the Banks

[The Elephant in the Room: The Need to Deal with What Banks Do](https://www.oecd.org/finance/financial-markets/44357464.pdf)

## recognition

[Five Questions: The Importance of Narratives with Ben Hunt](https://blog.validea.com/five-questions-the-importance-of-narratives-with-ben-hunt/)

[we think the transformation of capital markets to utilities is a powerful, largely stable narrative.](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4591/Children%2Bof%2Ba%2BLesser%2BNarrative%2B_%2BEpsilon%2BTheory.pdf)Copy