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Central bank communication with non-experts: a road to nowhere?

Michael Ehrmann () and Alena Wabitsch

No 2594, Working Paper Series from European Central Bank

Abstract: Central banks have intensified their communication with non-experts – an endeavour which some have argued is bound to fail. This paper studies English and German Twitter traffic about the ECB to understand whether its communication is received by non-experts and how it affects their views. It shows that Twitter traffic is responsive to ECB communication, also for non-experts. For several ECB communication events, Twitter constitutes primarily a channel to relay information: tweets become more factual and the views expressed more moderate and homogeneous. Other communication events, such as former President Draghi’s “Whatever it takes” statement, trigger persistent traffic and a divergence in views. Also, ECB-related tweets are more likely to get retweeted or liked if they express stronger or more subjective views. Thus, Twitter also serves as a platform for controversial discussions. The findings suggest that central banks manage to reach non-experts, i.e. their communication is not a road to nowhere. JEL Classification: E52, E58

Keywords: central bank communication; monetary policy; non-experts; social media (search for similar items in EconPapers)
Date: 2021-10
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac, nep-mon and nep-pay
Note: 203739
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Related works:
Journal Article: Central bank communication with non-experts – A road to nowhere? (2022) Downloads
Working Paper: Central Bank Communication with Non-Experts - A Road to Nowhere? (2021) Downloads
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