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

• 成果类型: Article
• 署名作者: Ehrmann, Michael; Wabitsch, Alena
• 署名单位: European Central Bank; University of Oxford
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.02.003
• 发表日期: 2022
• 页码: 69-85
• 关键词: Monetary policy; Central bank communication; Social media; Non-experts

摘要

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. (c) 2022 Elsevier B.V. All rights reserved.