publication . Research . 2014

Social media sentiment and consumer confidence

Daas, Piet J.H.; Puts, Marco J.H.;
Open Access English
  • Published: 01 Jan 2014
  • Publisher: Frankfurt a. M.: European Central Bank (ECB)
Abstract
Changes in the sentiment of Dutch public social media messages were compared with changes in monthly consumer confidence over a period of three-and-a-half years, revealing that both were highly correlated (up to r = 0.9) and that both series cointegrated. This phenomenon is predominantly affected by changes in the sentiment of all Dutch public Facebook messages. The inclusion of various selections of public Twitter messages improved this association and the response to changes in sentiment. Granger causality studies revealed that it is more likely that changes in consumer confidence precede those in social media sentiment than vice-versa. A comparison of the dev...
Subjects
free text keywords: C55, big data, methodology, sentiment, social media, statistics, ddc:330
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