Central BanksÕ Transparency: Words as Signals

Francesco Cendron () and Gianfranco Tusset ()
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Gianfranco Tusset: University of Padova

No 178, "Marco Fanno" Working Papers from Dipartimento di Scienze Economiche "Marco Fanno"

Abstract: Evidence of the evolution of ideas on central bank transparency can be found in the central bankersÕ speeches during the period 1997-2012. Exploratory analysis of the central bankersÕ speeches provides an overview of their use of language: speeches define the historical evolution of central banksÕ discourses, and thus suggest how the concept of transparency has evolved. The paper invites reconsideration of the role of central banksÕ transparency through analysis of central bankersÕ speeches and their use of language as a part of their communication framework. While literature on transparency indexes shows increasing central bank transparency, the semantic area of transparency in central bankersÕ speeches changed over the period 1997-2012. The paper investigates this evolution until recent shift towards new semantic areas pertaining more to the financial and real economy than to traditional inflation concerns.

Keywords: central banks; transparency; language; speeches; content analysis. (search for similar items in EconPapers)
JEL-codes: B59 E58 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2014-04
New Economics Papers: this item is included in nep-cba, nep-hme, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pad:wpaper:0178

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