Social Media as a Monetary Policy Tool? Evidence from a Survey Experiment

Josef Simpartl ()
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Josef Simpartl: Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic

No 2025/29, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: This article examines forms of direct monetary policy communication and their impact on inflation expectations and the public’s perception of the central bank. To this end, an experiment was conducted in August 2024 with three groups of respondents representative of the Czech population, the first of which was exposed to a monetary policy statement, the second to a related Facebook post, and the third to no information. Respondents who were exposed to the above-mentioned texts significantly reduced their inflation expectations and the link between the inflation expectations and perceived current inflation. At the same time, their knowledge of the monetary policy of the Czech National Bank´s (CNB) improved somewhat. However, none of the groups of respondents changed their opinion on the CNB, with the exception of a slight improvement in the assessment of its communication in the case of the group exposed to the Facebook post.

Keywords: inflation expectations; central bank; communication; social media; survey (search for similar items in EconPapers)
JEL-codes: C83 D84 E31 E58 (search for similar items in EconPapers)
Pages: 85 pages
Date: 2025-29, Revised 2025
New Economics Papers: this item is included in nep-cba, nep-exp and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:fau:wpaper:wp2025_29

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