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Macroeconomics Knowledge Model


The Macroeconomics Knowledge Model (display name: Macroeconomics EN v#) aims at classifying English texts based on macroeconomic topics and extracting relevant macroeconomic indicators.


This is the category tree:

1100 Economic activity
    1110 Output 
    1120 National & household income 
    1130 Economic outlook 
        1131 Growth  
        1132 Recession 
1200 AD-AS model 
    1210 Aggregate demand
        1211 Consumption
        1212 Investment 
        1213 Government spending
    1220 Aggregate supply
1300 Labor market 
    1310 Unemployment
1400 Price levels
    1410 Inflation 
    1420 Deflation
1500 International finance
    1510 Foreign investments
    1520 Currency exchange rates
    1530 International trade sanctions
1600 Energy and environmental policy
1700 Economic policy
    1710 Fiscal policy 
    1720 Monetary policy
    1730 Demand-side and supply-side policy
    1740 National budget and public debt
1800 International trade
    1810 Imports
    1820 Exports

Economic activity category gathers estimates and perspectives of total economic processes at a national or international level. It includes the following sub-categories:

  • Output: the total output of a nation based on the total value of all goods and services produced by a nation.
  • National & household income: income and general wealth distribution at a national and household level.
  • Economic outlook: comprises other two sub-categories, Growth and Recession, that refer to macroeconomic projections and economic states based on an economy's performance at a national and international level.

The AD-AS model category refers to the "Aggregate demand" and "Aggregate supply" model of macroeconomics, a fundamental tool that provides an overall framework for viewing economic factors as a whole. This category comprehends the following sub-categories:

  • Aggregate demand: total spending on domestic goods and services in an economy, from the perspective of the government. The category comprises:

    • Consumption
    • Investment
    • Government spending
  • Aggregate supply: domestic final supply of goods and services.

The Labor market category classifies information on the dynamics of the markets for wage labor. It refers to concepts such as employment level, labor force and labor participation rate. This category as the Unemployment sub-category that refers to the level of unemployment divided by the labor force.

The Price levels category refers to the buying power of money and the average of current prices across the spectrum of goods and services produced in an economy. This category is divided into:

  • Inflation: decline of purchasing power of a given currency over time, which can be reflected in the increase of an average price level of selected goods.

  • Deflation: increase of purchasing power of a given currency over time, which can be reflected in the decline of an average price level of selected goods.

The International finance category refers to the branch of financial economics concerned with monetary and macroeconomic relations between countries. It's about the dynamics of the global financial system, balance of payment, exchange rates, foreign direct investment and their relation to international trade. This category is divided into:

  • Foreign investments: cross-border investments made by a country or company into a foreign concern.
  • Currency exchange rates: policies and interventions made by the government on the currency market.


    For more specific information about currencies see the Currencies & Cryptocurrencies Knowledge Model.

  • International trade sanctions: laws and penalties that are passed to restrict or abolish trade with certain countries.

The Energy and environmental policy category refers to energy-related policies and macroeconomic dynamics like energy demand and supply. It also comprises policy-induced environmental innovations and decisions.

The Economic policy category covers the systems for setting levels of taxation, government budgets, and money supply. It also comprises policies that help adjust markets. This category is divided into the following sub-categories:

  • Fiscal policy: use of government revenue collection and expenditure to influence a country's economy.

  • Monetary policy: policy adopted by the monetary authority of a nation to control the money supply or the interest rates for short-term borrowing.

  • Demand and supply-side policy: all government attempts to increase productivity and increase efficiency in the economy, such as initiatives that create jobs or tax cuts.

  • National budget and public debt: government’s anticipated and proposed spending for the fiscal year and its financial liabilities.

The International trade category is about the exchange of capital, goods, and services across international borders, which are accounted for in a country's current account in the balance of payments. This category is divided into two sub-categories:

  • Imports: goods and services bought in one country that were produced in a different country.
  • Exports: goods and services produced within the boundaries of one country, which are traded with another country.

Extraction groups and classes

Naming conventions

All extraction groups and their classes are listed below.
The names of the groups and classes are self-explanatory. In groups that include classes with names ending in _by, _vlaue, _rate or _ratio, those classes extract the amount of up/down variations or values, while the other classes extract the portion of text that specifies the indicator or what value or variation it is.

For example, from the text:

And the cost of food-which makes up about one third of the consumer price index baskets grew 1.6 percent over the past year, versus 9.1 percent in other regions.

a CPI group record is extracted with these classes:

Class Extracted value
CPI consumer price index
CPI_up grow
CPI_up_by 1.6 percent


This group extracts information related to the gross domestic product (GDP).
These are its classes:

  • GDP
  • GDP_value
  • GDP_up
  • GDP_up_by
  • GDP_down
  • GDP_down_by
  • GDP_per_capita
  • GDP_per_capita_value
  • GDP_per_capita_up
  • GDP_per_capita_down
  • GDP_per_capita_up_by
  • GDP_per_capita_down_by


This group extracts information on net national income (NNI).
These are its classes:

  • NNI
  • NNI_rate
  • NNI_up
  • NNI_up_by
  • NNI_down
  • NNI_down_by
  • GNI
  • GNI_rate
  • GNI_up
  • GNI_up_by
  • GNI_down
  • GNI_down_by
  • household_income
  • household_income_rate
  • household_income_up
  • household_income down
  • household_income_up_by
  • household_income_down_by
  • per_capita_income
  • per_capita_income_rate
  • per_capita_income_up
  • per_capita_income_down
  • per_capita_income_up_by
  • per_capita_income_down_by


This group extracts information on the labor market.
Its classes are:

  • unemployment
  • unemployment_rate
  • unemployment_up
  • unemployment_down
  • unemployment_up_by
  • unemployment_down_by
  • employment
  • employment_rate
  • employment_up
  • employment_down
  • employment_up_by
  • employment_down_by
  • labor_force_participation
  • labor_force_participation_rate
  • labor_force_participation_up
  • labor_force_participation_up_by
  • labor_force_participation_down
  • labor_force_participation_down_by
  • remote_workers
  • remote_workers_rate
  • remote_workers_up
  • remote_workers_up_by
  • remote_workers_down
  • remote_workers_down_by


This group extracts information on inflation, consumer price index (CPI) and product price index (PPI).
Its classes are:

  • inflation
  • inflation_rate
  • inflation_up
  • inflation_down
  • inflation_up_by
  • inflation_down_by
  • CPI
  • CPI_rate
  • CPI_up
  • CPI_down
  • CPI_up_by
  • CPI_down_by
  • PPI
  • PPI_rate
  • PPI_up
  • PPI_down
  • PPI_up_by
  • PPI_down_by


This group extracts information on the Purchasing Managers' Index (PMI).
Its classes are:

  • PMI
  • PMI_rate
  • PMI_up
  • PMI_down
  • PMI_up_by
  • PMI_down_by
  • PMI_up_to
  • PMI_down_to


This group extracts information on the balance of payments.
Its classes are:

  • current_account
  • current_account_value
  • current_account_surplus
  • current_account_surplus_value
  • current_account_deficit
  • current_account_deficit_value
  • capital_account
  • capital_account_value
  • capital_account_surplus
  • capital_account_surplus_value
  • capital_account_deficit
  • capital_account_deficit_value
  • current_and_capital_account_value


This group extracts information on public debt.
Its classes are:

  • public_debt
  • public_debt_value
  • public_debt_up
  • public_debt_down
  • public_debt_up_by
  • public_debt_down_by
  • debt_to_GDP
  • debt_to_GDP_ratio
  • debt_to_GDP_ratio_up
  • debt_to_GDP_ratio_down
  • debt_to_GDP_ratio_up_by
  • debt_to_GDP_ratio_down_by


This group extracts international trading entities.
Its only class is:

  • international_trade_entity


This group extracts names of macroeconomists or politicians who deal with macroeconomics.
Its classes are:

  • macroeconomist
  • politician


This group extracts mentions of macroeconomic models.
Its only class is:

  • macroeconomic_model


This group extracts mentions of macroeconomic schools.
Its only class is:

  • macroeconomic_school

Output structure

The model output has the same structure as any other model and is affected by the functional properties of the workflow block.
The peculiar parts of the output are the result of categorization, i.e. the categories array, and the result of information extraction, i.e. the extractions array.


Example of categorization output:

"categories": [
        "frequency": 1.62,
        "hierarchy": [
            "Economic activity"
        "id": "1100",
        "label": "Economic activity",
        "namespace": "macroeconomics_en",
        "positions": [
                "end": 2510,
                "start": 2493
        "score": 10,
        "winner": true
        "frequency": 1.62,
        "hierarchy": [
            "Economic activity",
            "Economic outlook",
        "id": "1131",
        "label": "Growth",
        "namespace": "macroeconomics_en",
        "positions": [
                "end": 2188,
                "start": 2171
        "score": 10,
        "winner": true
        "frequency": 1.62,
        "hierarchy": [
            "Economic activity",
            "Economic outlook",
        "id": "1132",
        "label": "Recession",
        "namespace": "macroeconomics_en",
        "positions": [
                "end": 4362,
                "start": 4353
        "score": 10,
        "winner": true

In the extraction output, the template key corresponds to the concept of group and template fields correspond to classes.
For example:

"extractions": [
        "fields": [
                "name": "CPI",
                "positions": [
                        "end": 3003,
                        "start": 3000
                "value": "CPI"
                "name": "CPI_up",
                "positions": [
                        "end": 3045,
                        "start": 3041
                "value": "rise"
        "namespace": "macroeconomics_en",
        "template": "inflation"
        "fields": [
                "name": "unemployment",
                "positions": [
                        "end": 598,
                        "start": 581
                "value": "unemployment rate"
                "name": "unemployment_down",
                "positions": [
                        "end": 603,
                        "start": 599
                "value": "fall"
                "name": "unemployment_down_by",
                "positions": [
                        "end": 619,
                        "start": 607
                "value": "4.2%"
        "namespace": "macroeconomics_en",
        "template": "labor_market"