Does clarity make central banks more engaging? Lessons from ECB communications

Federico Maria Ferrara · Siria Angino

52 citations0/0 files storedEuropean Journal of Political Economy

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Public Relations and Crisis Communication Monetary Policy and Economic Impact Media Studies and Communication

Abstract

Despite increasing communication efforts, it may be difficult for central banks to engage the public, as their language is often too difficult to understand for most citizens. Focusing on the case of the European Central Bank (ECB), we hypothesise that greater communication clarity is conducive to stronger engagement. We rely on readability metrics to measure the clarity of ECB communications. We show that communication clarity is a significant and robust predictor of the media engagement generated by the ECB with its speeches, press conferences and tweets. Our findings are validated by a placebo test and have significant policy implications for central bank communication.

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References

2003Implications of rational inattention 2002Social Value of Public Information 1968The Technique of Clear Writing.2008Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence 1986A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information 2002Central Bank Transparency 2019Measuring euro area monetary policy 2003Which Kind of Transparency? On the Need for Clarity in Monetary Policy-Making

Cited by

2021Political voice on monetary policy: Evidence from the parliamentary hearings of the European Central Bank 2022Central Bank Communication with the General Public: Promise or False Hope?2023Central bank communication and social media: From silence to Twitter 2019Complexity of ECB Communication and Financial Market Trading 2022Central bank mandates: How differences can influence the content and tone of central bank communication 2022Central Bank Communication and Public Trust: The Case of ECB Speeches

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