Enhancing central bank communications using simple and relatable information

• 成果类型: Article
• 署名作者: Bholat, David; Broughton, Nida; Ter Meer, Janna; Walczak, Eryk
• 署名单位: Bank of England; University of London; University College London
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.08.007
• 发表日期: 2019
• 页码: 1-15
• 关键词: Central bank communications; Central bank legitimacy; Macroeconomic and monetary policy experiments; Behavioural economics; Bank of England

摘要

Central bankers and the central banking literature are increasingly attuned to the importance of communications as a policy tool. However, less is known about how central bank communications should be drafted for maximal impact. Our paper contributes new insights in this regard. Using a large-scale online experiment with a sample representative of the UK population, the paper documents the communicative techniques that increase public comprehension and trust in monetary and macroeconomic policy messages. Key findings include that the simplification of language increases public comprehension more than the inclusion of visuals, and that public comprehension can be improved by making monetary policy messages relatable to people's lives. Relatable content also increases the public's trust in central bank communications, and improves people's perceptions of the central bank. Our findings shed light on how central banks can improve communication with the public at a time when trust in public institutions has fallen, while the responsibilities delegated to central banks have increased. (C) 2019 The Bank of England. Published by Elsevier B.V. All rights reserved.