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Central bank communication with non-experts – A road to nowhere?

Michael Ehrmann () and Alena Wabitsch

Journal of Monetary Economics, 2022, vol. 127, issue C, 69-85

Abstract: Central banks have intensified their communication with non-experts – an endeavour which some argue will fail. This paper studies English and German tweets about the ECB to show that its communication is received by non-experts, i.e. is not a road to nowhere. Following ECB communications, tweets often primarily relay information, become more factual and the views expressed more moderate and homogeneous. Some communications, such as Mario Draghi's “Whatever it takes”, trigger a divergence in views. Also, tweets with negative, stronger or more subjective views are more likely retweeted, liked or replied to. Thus, Twitter also constitutes a platform for controversial discussions.

Keywords: Monetary policy; Central bank communication; Social media; Non-experts (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2022
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Working Paper: Central Bank Communication with Non-Experts - A Road to Nowhere? (2021) Downloads
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DOI: 10.1016/j.jmoneco.2022.02.003

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