Decoding Fiscal Messaging: How G7 Finance Ministries Communicate

Tatiana Evdokimova and Patrick Imam

No 2026/117, IMF Working Papers from International Monetary Fund

Abstract: Fiscal policy has re-emerged as a central tool of macroeconomic stabilization, yet the way governments communicate fiscal choices remains poorly understood. This paper provides the first systematic analysis of fiscal communication across the G7 from 2000–2024. Using a new dataset of budget documents, ministerial speeches, and press communiqués, we examine the clarity, thematic content, and rhetorical tone of official fiscal statements through computational text-analysis methods. We uncover a structured but fragmented communication architecture. Technical documents emphasize sustainability and constraints; speeches underscore growth, fairness, and investment; and press releases distill policy packages into succinct signals. Despite rising expectations of transparency, fiscal language remains complex and often optimistically framed. These patterns reflect institutional design, political incentives, and macroeconomic conditions. Our findings highlight fiscal communication as an underappreciated dimension of economic governance, one that shapes expectations, conditions credibility, and warrants deeper integration into fiscal policy analysis.

Keywords: Fiscal Policy Communication; Public Debt Management; Transparency and Credibility; Macroeconomic Stability (search for similar items in EconPapers)
Pages: 67
Date: 2026-06-12
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