Central bank communication in unconventional times: Some evidence from a textual analysis of the National Bank of Poland communication during the COVID-crisis

Voloshchenko-Holda Lada () and Niedziółka Paweł ()
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Voloshchenko-Holda Lada: The Institute of Banking, SGH Warsaw School of Economics, al. Niepodległości 162, 02-554 Warsaw, Poland
Niedziółka Paweł: The Institute of Banking, SGH Warsaw School of Economics, al. Niepodległości 162, 02-554 Warsaw, Poland

Economics and Business Review, 2024, vol. 10, issue 1, 101-124

Abstract: The article analyses the communication of the National Bank of Poland (NBP) one year after the announcement of the crisis response package adopted after the outbreak of the COVID pandemic. It presents the perspective of a central bank that first entered unconventional monetary ground during the COVID-crisis. The analysis aims to answer the question of what message about monetary policy objectives may have been conveyed in communication with regard to possible interpretations of the response actions by economic agents. Misinterpretations of policy actions at the time, fuelled by the increased attention to inflation, could later contribute to higher inflation persistence. The article presents findings based on the innovative use of MAXQDA Pro 2022 solutions for textual analysis of central bank’s communication. It points to three inconsistencies in the NBP’s communication that could potentially lead to misinterpretation of the NBP’s policy actions in response to the crisis and thus affect the formation of expectations.

Keywords: Central bank communication; textual analysis; financial stability; price stability; monetary policy; attention to inflation (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecobur:v:10:y:2024:i:1:p:101-124:n:3

DOI: 10.18559/ebr.2024.1.1039

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