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intensive central bank communication worsens the perceived impact. During the global financial crisis (GFC), this effect became …
Persistent link: https://www.econbiz.de/10012822449
Central banks emphasize the use of communication as a tool of monetary policy. As central banks increasingly recognize … tailor their communication strategies for a broader audience. Most research focuses on central bank communication with … financial markets, but several recent strands of literature address aspects of communication with households. I survey the …
Persistent link: https://www.econbiz.de/10012969118
This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation … uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook … bank information acts as a "coordination device" able to influence opinions and actions. Most importantly, it generates a …
Persistent link: https://www.econbiz.de/10012603073
my framework to a central bank communication problem in which the policy maker communicates about aggregate conditions to …
Persistent link: https://www.econbiz.de/10013212539
Central banks around the world have a reputation for being secretive about their operations and market assessments. It is sometimes argued that central banks need flexibility and therefore cannot be fully transparent. We find that this explanation does not carry through in a forward-looking New...
Persistent link: https://www.econbiz.de/10012756188
We examine howthe verbal complexity of ECB communications affectsfi-nancial market trading based on high-frequency data fromEuropean stock index futures trading. Studying the 34 events between May 2009 and June 2017, during which the ECB Governing Council press conferences covered unconventional...
Persistent link: https://www.econbiz.de/10012039675
Central bank communications are an important tool for guiding the economy and fulfilling monetary policy goals. Natural language processing (NLP) algorithms have been used to analyze central bank communications. These outdated bag-of-words methods often ignore context and cannot distinguish who...
Persistent link: https://www.econbiz.de/10014513983
Does communication influence trust in the central bank? We examine this question using survey data covering 488 …,000 Eurozone citizens from 1999 to 2019. We find compelling evidence that more communication, as measured by the number of speeches …
Persistent link: https://www.econbiz.de/10014082140
results within the context of an application to central bank communication …
Persistent link: https://www.econbiz.de/10014082668
This paper investigates the characteristics of central bank websites across a large sample of central banks. We systematically derive and quantify these characteristics across three dimensions: text, visual presentation, and website performance. We then conduct a survey to isolate the main...
Persistent link: https://www.econbiz.de/10014349276