I think this is cool.
Prof. Cogley warned us against textual analysis a la Romer and Romer today in lecture. Figuring this is a plot to steer us away from interesting research topics (he wants to keep them for himself, of course), I dove right into the Fed meeting notes and did some textual analysis. Below are some results (using this tool):
More talk about velocity under Volker, but less talk about inflation and unemployment.