Central Bank Mandates and Communication about Climate Change: Evidence from A Large Dataset of Central Bank Speeches

David Arseneau and Mitsuhiro Osada
Additional contact information
Mitsuhiro Osada: Bank of Japan

No 23-E-14, Bank of Japan Working Paper Series from Bank of Japan

Abstract: We compare alternative methodologies to identify central banks speeches that focus on climate change and argue a supervised word scoring method produces the most comprehensive set. Using these climate-related speeches, we empirically examine the role of the mandate in shaping central bank communication about climate change. Central banks differ considerably in the extent to which their mandates support a sustainability objective -- it can be explicit, indirect whereby the central bank is mandated to support broader government policies, or it may not be supported at all. Our results show that these differences are important in determining the frequency of climate-related communication as well as context in which central banks address climate-related issues. All told, these findings suggest that mandate considerations play an important role in shaping central bank communication about climate change.

Keywords: Central bank speeches; Mandates; Climate change; Natural language processing (search for similar items in EconPapers)
JEL-codes: E58 E61 Q54 (search for similar items in EconPapers)
Date: 2023-09-29
New Economics Papers: this item is included in nep-ban, nep-big, nep-cba, nep-ene, nep-env, nep-ger, nep-inv and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.boj.or.jp/en/research/wps_rev/wps_2023/data/wp23e14.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:boj:bojwps:wp23e14

Access Statistics for this paper

More papers in Bank of Japan Working Paper Series from Bank of Japan Contact information at EDIRC.
Bibliographic data for series maintained by Bank of Japan ().