The role of financial journalists in the expectations channel of the monetary transmission mechanism

Monique Reid, Pierre Siklos, Timothy Guetterman and Stan Du Plessis ()

Research in International Business and Finance, 2021, vol. 55, issue C

Abstract: Monetary policy relies on managing the inflation expectations of the public in order to influence prices (inflation). Relying on the South African experience, we argue that most of the general public are exposed to the communication of the South African Reserve Bank (SARB) only via the media. This state of affairs is fairly typical around the globe. We explored the role and biases of the journalists in transmitting the SARB’s communications to the rationally inattentive general public. Our aim was to obtain insights about the factors that influence media articles that deal with monetary policy issues. Using interviews and qualitative content analysis, we explored the extent of the journalists’ knowledge about inflation and monetary policy, their views concerning the credibility of the SARB, the sources of information they use, and the constraints and incentives they face in writing their articles.

Keywords: Monetary policy; Central bank communication; Journalists; media (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: The role of financial journalists in the expectations channel of the monetary transmission mechanism (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:55:y:2021:i:c:s0275531920309272

DOI: 10.1016/j.ribaf.2020.101320

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