用多智能体辩论模拟美联储决策,提升利率预测准确率。
Modeling Hawkish-Dovish Latent Beliefs in Multi-Agent Debate-Based LLMs for Monetary Policy Decision Classification
- 将多个LLM设为有鹰派鸽派倾向的智能体,通过互动辩论预测政策
- 在FOMC会议文本上达到92.3%准确率,优于传统模型
- 揭示个体立场与社会影响如何共同塑造集体决策
在经济不确定性加剧的背景下,准确预测美联储联邦公开市场委员会(FOMC)的货币政策决策愈发重要。现有研究多依赖静态分类模型,忽视了政策制定的讨论过程。本文提出一种新框架,通过建模多个大语言模型(LLMs)作为相互交互的智能体,模拟FOMC的集体决策机制。每个智能体基于初始信念(如鹰派或鸽派)和定性政策文本、定量宏观经济指标生成预测,并通过多轮交互修正观点,模拟讨论与共识形成过程。为增强可解释性,引入隐变量表征智能体的潜在信念,并理论证明该信念如何调节信息感知与互动动态。实证结果显示,该辩论式方法显著优于标准基于LLM的基线模型,在预测准确率上提升至92.3%。此外,显式建模信念有助于理解个体视角与社会影响如何共同塑造集体政策预测。
原文摘要 · Abstract (English)
Accurately forecasting central bank policy decisions, particularly those of the Federal Open Market Committee(FOMC) has become increasingly important amid heightened economic uncertainty. While prior studies have used monetary policy texts to predict rate changes, most rely on static classification models that overlook the deliberative nature of policymaking. This study proposes a novel framework that structurally imitates the FOMC's collective decision-making process by modeling multiple large language models(LLMs) as interacting agents. Each agent begins with a distinct initial belief and produces a prediction based on both qualitative policy texts and quantitative macroeconomic indicators. Through iterative rounds, agents revise their predictions by observing the outputs of others, simulating deliberation and consensus formation. To enhance interpretability, we introduce a latent variable representing each agent's underlying belief(e.g., hawkish or dovish), and we theoretically demonstrate how this belief mediates the perception of input information and interaction dynamics. Empirical results show that this debate-based approach significantly outperforms standard LLMs-based baselines in prediction accuracy. Furthermore, the explicit modeling of beliefs provides insights into how individual perspectives and social influence shape collective policy forecasts.
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