Today, the virus has taken over 700,000 lives worldwide and about 160,000 from the U.S only. It took six years for the US economy to recover from the Great Recession to where it was at the beginning of the recession (Chart book: The legacy of the great recession 2019).Īfter a decade, the world witnessed the widespread of a deadly and novel virus that caused a contagious disease called COVID-19. The consequences of this financial crisis were so severe in the United States more than anywhere else on the planet due to banking problems in mortgages and loans.
It caused millions of people to lose their jobs and homes. The 2009 Great Recession struck the world financial markets and banking systems very severely. Finally, the results of our clustering exercise show that the document embeddings representations of the statements are suitable for more complex tasks, which provides a basis for future applications of state-of-the-art natural language processing techniques using the FOMC post-meeting statements as the dataset. Our analysis shows that, using an advanced NLP technique in document embedding such as Doc2Vec, we can detect a difference of 10.8% in similarities of Federal Open Market Committee (FOMC) statements issued during the Great Recession (2007–2009) and the COVID-19 pandemic. Furthermore, we explore the usage of document embedding representations of the statements in a more complex task: clustering.
More specifically, we measure similarities of consecutive statements issued by the Federal Reserve during the 2009 Great Recession and the COVID-19 pandemic using natural language processing techniques. This paper intends to address this problem by analyzing official public announcements and statements issued by federal authorities such as the Federal Reserve.
An intriguing question is whether this pandemic and its impacts are similar, and to what extent, to any other catastrophic events that occurred in the past, such as the 2009 Great Recession. The exact impact of the COVID-19 pandemic is still unknown, and economists and financial advisers are exploring all possible scenarios to mitigate the risks arising from the pandemic. Send us feedback.The coronavirus pandemic has already caused plenty of severe problems for humanity and the economy. These example sentences are selected automatically from various online news sources to reflect current usage of the word 'similarity.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. 2021 In 1 million simulated versions of the experiment, the same kind of similarity appeared not a single time, Simmons, Nelson, and Simonsohn found.Ĭathleen O’grady, Science | AAAS, 24 Aug. Todd Rosiak, Milwaukee Journal Sentinel, 6 Sep. 2021 There's a lot of similarity between him and Woody with their fastballs. Rachel Weber, Better Homes & Gardens, 23 Sep. 2021 The bra expert says there's a lot of similarity between post-surgery bras and nursing bras. 2021 The dynamics of trust and performance and the factors which drive trust seem to be fairly constant across organization types of organizations and organizational cultures, and there is even actually quite a bit of similarity across national cultures.Īman Kidwai, Fortune, 19 Oct. 2021 Focusing on a similarity can help minimize the tension that comes with differences.Īvery Blank, Forbes, 21 Oct. 2021 ProPublica used data about evolutionary modeling computed by NCBI to establish the degree of genetic similarity between bacterial isolates from the outbreak and isolates collected more recently.īernice Yeung, ProPublica, 29 Oct. Recent Examples on the Web The sequencing of the virus revealed a high degree of similarity with monkeypox from western Africa, as has been the case with the new infections around the world, Argentina's Health Ministry said.ĭaniel Politi, ajc, Whichever method kicks off the development of the embryo will ultimately determine the level of genetic similarity between the mother and her offspring.
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