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We examine how the language used by central bank officials in public press conferences influences stock returns in the euro area. In line with the concept of Odyssean Forward Guidance, we find that using constraining language to express policy commitment increases the effectiveness of Forward...
Persistent link: https://www.econbiz.de/10012829731
paper studies the implications of using different communication channels: established media outlets versus social media … bank to actively adopt accessible language, simplifted messages and new forms of communication via its Twitter account … share of informed consumers is higher among Twitter users, suggesting potential benefits from Twitter communication with the …
Persistent link: https://www.econbiz.de/10012519956
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …
Persistent link: https://www.econbiz.de/10011663996
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … predictability of policy actions. We study how monetary policy communication should and has worked under such circumstances. Our main …
Persistent link: https://www.econbiz.de/10011755761
Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy …
Persistent link: https://www.econbiz.de/10011637411
Using novel data on speeches held by members of the European Central Bank's Executive Board, we investigate whether monetary policy transparency has increased over time. With respect to the general public as the target audience, our findings suggest that the European Central Bank successfully...
Persistent link: https://www.econbiz.de/10012432818
This paper surveys the literature on the role and effects of central bank communication with the general public … "communication revolution" in central bank communication. The challenges for central bank communication with the public are outlined … evaluate the effects of direct communication, distinguishing between challenges to getting the attention of the public and …
Persistent link: https://www.econbiz.de/10014384011
of central bank communication has increased over time. Employing readability measures as proxy variables, we find that …
Persistent link: https://www.econbiz.de/10014472794
Using novel data on speeches held by members of the European Central Bank's Executive Board, we investigate whether monetary policy transparency has increased over time. With respect to the general public as the target audience, our findings suggest that the European Central Bank successfully...
Persistent link: https://www.econbiz.de/10013326553
that communication plays a significant role in enhancing the accuracy when trying to estimate the bank's reaction function. …
Persistent link: https://www.econbiz.de/10011669467