mlsanityData to 7 Oct 2026

Trillion Dollar Words: A New Financial Dataset, Task & Market Analysis

arXiv 2305.07972 ↗First posted 13 May 2023cs.CL q-fin.CPcited by 73

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Abstract (arXiv)

Monetary policy pronouncements by Federal Open Market Committee (FOMC) are a major driver of financial market returns. We construct the largest tokenized and annotated dataset of FOMC speeches, meeting minutes, and press conference transcripts in order to understand how monetary policy influences financial markets. In this study, we develop a novel task of hawkish-dovish classification and benchmark various pre-trained language models on the proposed dataset. Using the best-performing model (RoBERTa-large), we construct a measure of monetary policy stance for the FOMC document release days. To evaluate the constructed measure, we study its impact on the treasury market, stock market, and macroeconomic indicators. Our dataset, models, and code are publicly available on Huggingface and GitHub under CC BY-NC 4.0 license.

Key facts. Cited by 73 papers in the map (data through 7 Oct 2026). Builds on 7 of its 47 references that are in the map. First posted on arXiv 13 May 2023.

Builds on

7 of 47 references.

References · 7

  1. 2018BERT: Pre-training of Deep Bidirectional Transformers for Language Understandingcited by 40,204
  2. 2019PyTorch: An Imperative Style, High-Performance Deep Learning Librarycited by 20,160
  3. 2019RoBERTa: A Robustly Optimized BERT Pretraining Approachcited by 13,266
  4. 2019FinBERT: Financial Sentiment Analysis with Pre-trained Language Modelscited by 378
  5. 2020FinBERT: A Pretrained Language Model for Financial Communicationscited by 161
  6. 2022WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domaincited by 117
  7. 2022Benchmarking Machine Learning Models to Predict Corporate Bankruptcycited by 4

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2023: 8; 2024: 24; 2025: 20; 2026: 21.

73 papers.

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  1. 2024Continual Learning of Large Language Models: A Comprehensive Surveycited by 228
  2. 2023PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Financecited by 217
  3. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  4. 2023Task Contamination: Language Models May Not Be Few-Shot Anymorecited by 98
  5. 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 86
  6. 2023InvestLM: A Large Language Model for Investment using Financial Domain Instruction Tuningcited by 80
  7. 2024A Survey of Large Language Models in Finance (FinLLMs)cited by 77
  8. 2023TRACE: A Comprehensive Benchmark for Continual Learning in Large Language Modelscited by 59
  9. 2024Analyzing and Reducing Catastrophic Forgetting in Parameter Efficient Tuningcited by 59
  10. 2024FinTral: A Family of GPT-4 Level Multimodal Financial Large Language Modelscited by 32
  11. 2025Demystifying Domain-adaptive Post-training for Financial LLMscited by 24
  12. 2025FinMTEB: Finance Massive Text Embedding Benchmarkcited by 18
38 more
  1. 2023Zero is Not Hero Yet: Benchmarking Zero-Shot Performance of LLMs for Financial Taskscited by 14
  2. 2023FinEntity: Entity-level Sentiment Classification for Financial Textscited by 14
  3. 2024Do We Need Domain-Specific Embedding Models? An Empirical Investigationcited by 12
  4. 2023Is ChatGPT a Financial Expert? Evaluating Language Models on Financial Natural Language Processingcited by 11
  5. 2025Forget Forgetting: Continual Learning in a World of Abundant Memorycited by 9
  6. 2025Evaluating Large Language Models as Expert Annotatorscited by 9
  7. 2024PMoE: Progressive Mixture of Experts with Asymmetric Transformer for Continual Learningcited by 8
  8. 2024SubjECTive-QA: Measuring Subjectivity in Earnings Call Transcripts' QA Through Six-Dimensional Feature Analysiscited by 8
  9. 2024A Comparative Analysis of Instruction Fine-Tuning LLMs for Financial Text Classificationcited by 8
  10. 2025OASIS: Online Sample Selection for Continual Visual Instruction Tuningcited by 8
  11. 2024No Language is an Island: Unifying Chinese and English in Financial Large Language Models, Instruction Data, and Benchmarkscited by 7
  12. 2024SusGen-GPT: A Data-Centric LLM for Financial NLP and Sustainability Report Generationcited by 7
  13. 2024D'olares or Dollars? Unraveling the Bilingual Prowess of Financial LLMs Between Spanish and Englishcited by 5
  14. 2024LLM-Measure: Generating Valid, Consistent, and Reproducible Text-Based Measures for Social Science Researchcited by 5
  15. 2025CAMEF: Causal-Augmented Multi-Modality Event-Driven Financial Forecasting by Integrating Time Series Patterns and Salient Macroeconomic Announcementscited by 5
  16. 2024Numerical Claim Detection in Finance: A New Financial Dataset, Weak-Supervision Model, and Market Analysiscited by 4
  17. 2024Golden Touchstone: A Comprehensive Bilingual Benchmark for Evaluating Financial Large Language Modelscited by 4
  18. 2025Bridging Language Models and Financial Analysiscited by 4
  19. 2025Self-Adaptive Cognitive Debiasing for Large Language Models in Decision-Makingcited by 4
  20. 2025Finance Language Model Evaluation (FLaME)cited by 4
  21. 2026From Feedback Loops to Policy Updates: Reinforcement Fine-Tuning for LLM-Based Alpha Factor Discoverycited by 4
  22. 2023Exploring the Impact of Corpus Diversity on Financial Pretrained Language Modelscited by 3
  23. 2024Logistic Regression makes small LLMs strong and explainable "tens-of-shot" classifierscited by 3
  24. 2024Are Expert-Level Language Models Expert-Level Annotators?cited by 3
  25. 2025Extract, Match, and Score: An Evaluation Paradigm for Long Question-context-answer Triplets in Financial Analysiscited by 3
  26. 2025Language Modeling for the Future of Finance: A Survey into Metrics, Tasks, and Data Opportunitiescited by 3
  27. 2025FinNLI: Novel Dataset for Multi-Genre Financial Natural Language Inference Benchmarkingcited by 3
  28. 2025VideoConviction: A Multimodal Benchmark for Human Conviction and Stock Market Recommendationscited by 3
  29. 2026Unlocking Data Value in Finance: A Study on Distillation and Difficulty-Aware Trainingcited by 3
  30. 2024Position: Stop Making Unscientific AGI Performance Claimscited by 2
  31. 2024Economy Watchers Survey Provides Datasets and Tasks for Japanese Financial Domaincited by 2
  32. 2024Take Only What You Need: Rank Minimization as an Implicit Forgetting Regularizer in Continual Learningcited by 2
  33. 2025Parameter Importance-Driven Continual Learning for Foundation Modelscited by 2
  34. 2026Are Large Language Models Reliable Reviewers? A Benchmark for Error Detection in Financial Documentscited by 2
  35. 2024FinTeamExperts: Role Specialized MOEs For Financial Analysiscited by 1
  36. 2025FinBloom: Knowledge Grounding Large Language Model with Real-time Financial Datacited by 1
  37. 2025Forget What's Sensitive, Remember What Matters: Token-Level Differential Privacy in Memory Sculpting for Continual Learningcited by 1
  38. 2025Op-Fed: Opinion, Stance, and Monetary Policy Annotations on FOMC Transcripts Using Active Learningcited by 1

50 most cited of 73 All 73 (JSON)