This article advances a reputation‐based account to explain the relative salience that different issues assume in central banks' communication. Based on an innovative dataset consisting of a corpus of speeches by the members of the Board of Governors of the Federal Reserve System of the United...

It takes multiple decades of commitment and credibilityto create repute but only a few seconds to tarnish it, as the instancesof misinformation, disinformation and malinformation galore. Inlight of this, Central banks, as delicate and sensitive public institu-tions, are significantly vulnerable...