<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2011-2106</journal-id>
<journal-title><![CDATA[Revista de Economía del Caribe]]></journal-title>
<abbrev-journal-title><![CDATA[rev. econ. Caribe]]></abbrev-journal-title>
<issn>2011-2106</issn>
<publisher>
<publisher-name><![CDATA[Editorial Universidad del Norte]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2011-21062025000200007</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Fiscal communication and its effects on monetary policy in Brazil: an analysis based on natural language processing]]></article-title>
<article-title xml:lang="pt"><![CDATA[Comunicação fiscal e seus efeitos na política monetária no Brasil: uma análise baseada em processamento de linguagem natural]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pitta de Jesus]]></surname>
<given-names><![CDATA[Diego]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[da Nóbrega Besarria]]></surname>
<given-names><![CDATA[Cássio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lacerda Nobrega]]></surname>
<given-names><![CDATA[Wellington Charles]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,UFRPE-UAST Department of Economics ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<aff id="Af2">
<institution><![CDATA[,UFPB Department of Economics ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,UFPE-CAA Department of Economics ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<numero>36</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2011-21062025000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2011-21062025000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2011-21062025000200007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The purpose of this article is to investigate how the tone of the fiscal authority's communications can influence monetary policy decisions. To this end, a fiscal policy sentiment index was developed using machine learning techniques, using the monthly public debt reports issued by the National Treasury as a source of information. The sentiment index was used as an explanatory variable in two approaches to achieve the central objective of the article. In the first, a traditional version of the central bank's reaction function was estimated using classic econometric techniques. In the second, the analysis was expanded towards a Dynamic Stochastic General Equilibrium model (DSGE), in order to estimate central bank reaction functions and, with this, produce inferences about the effect of fiscal policy sentiment in the behavior of monetary policy. The main results suggest that fiscal policy sentiment has influenced the monetary policy decision-making process in Brazil, indicating a possible scenario of fiscal dominance. In this sense, this article contributes an unprecedented approach to an important topic in public finance by reinforcing the fundamental role of communication and coordination between monetary and fiscal authorities.  JEL Code: C02, C63, E62]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O objetivo deste artigo é investigar como o tom da comunicação da autoridade fiscal pode influenciar as decisões de política monetária. Para tanto, foi desenvolvido um índice de sentimento da política fiscal utilizando técnicas de machine learning, tendo como fonte de informação os relatórios mensais da dívida pública emitidos pelo Tesouro Nacional. O índice de sentimento foi utilizado como variável explicativa em duas abordagens para alcançar o objetivo central do artigo. Na primeira, foi estimada uma versão tradicional da função de reação do banco central utilizando técnicas econométricas clássicas. Na segunda, a análise foi expandida para um Modelo de Equilíbrio Geral Estocástico Dinâmico (DSGE), a fim de estimar as funções de reação do banco central e, com isso, produzir inferências sobre o efeito do sentimento da política fiscal no comportamento da política monetária. Os principais resultados sugerem que o sentimento da política fiscal tem influenciado o processo de tomada de decisão da política monetária no Brasil, indicando um possível cenário de dominância fiscal. Nesse sentido, este artigo contribui com uma abordagem inédita a um importante tópico das finanças públicas, reforçando o papel fundamental da comunicação e coordenação entre as autoridades monetárias e fiscais.  JEL Code: C02, C63, E62]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Machine Learning]]></kwd>
<kwd lng="en"><![CDATA[Textual analysis]]></kwd>
<kwd lng="en"><![CDATA[Natural Language Processing]]></kwd>
<kwd lng="en"><![CDATA[Fiscal Dominance]]></kwd>
<kwd lng="pt"><![CDATA[Machine Learning]]></kwd>
<kwd lng="pt"><![CDATA[Análise Textual]]></kwd>
<kwd lng="pt"><![CDATA[Processamento de Linguagem Natural]]></kwd>
<kwd lng="pt"><![CDATA[Dominância Fiscal]]></kwd>
</kwd-group>
</article-meta>
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