Monetary Policy in the Media

Helge Berger (), Michael Ehrmann and Marcel Fratzscher

No 8192, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Just like private companies depend crucially on their ability to reach customers, policymakers must communicate with private agents to be successful--and much of this communication is channeled through the media. This is especially true for central banks because the effectiveness of monetary policy depends to a large degree on their credibility among the general public. Using the case of the European Central Bank (ECB), the paper analyses the favorableness with which monetary policy decisions are reported upon in the print media. We find that media coverage is, among other things, influenced by the amount of information communicated by the ECB. There are, however, also indications of a critical monitoring role assumed by the media, which tends to report more negatively on ECB policy decisions when inflation exceeds the inflation target.

Keywords: Communication; Coverage; Ecb; Media; Monetary policy; Press (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2011-01
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Citations: View citations in EconPapers (81)

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Related works:
Journal Article: Monetary Policy in the Media (2011)
Journal Article: Monetary Policy in the Media (2011)
Working Paper: Monetary policy in the media (2006)
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