Coding Central Bank Independence: How do LLMs do? Are We Being Replaced by Machines?

• In Event: Monetary Sovereignty in an Age of Rising Authoritarianism: Has Democracy Moved to the Central Banks?

Brief Overview

Three recent studies use central bank laws and a shared 16-criteria coding scheme to measure legal independence. We hypothesize LLMs perform better where expert agreement is high, testing this on concise but technical legal text.

Authors

• Cristina Bodea, Michigan State University

• Raymond P. Hicks, Columbia University