A Hot Air Balloon Being Inflated Takeaway This study introduces a framework using LLMs to translate qualitative business commentaries from the Federal Reserve’s "Beige Book" into structured economic data. By feeding firm-level explanations into a macroeconomic model, the authors pinpoint the precise triggers driving historical inflation surges. Key Points Listening over estimating: Qualitative text allows economists to observe why firms say they changed prices, capturing cond

Most Counties in the Nation saw incomes rise during the pandemic. By Nate Griffin – November 23, 2021 Key Points: Personal Income is up...