<abstract xmlns="http://www.w3.org/1999/xhtml">
<p>The article analyses the communication of the National Bank of Poland (NBP) one year after the announcement of the crisis response package adopted after the outbreak of the COVID pandemic. It presents the perspective of a central bank that first entered unconventional monetary ground during the COVID-crisis. The analysis aims to answer the question of what message about monetary policy objectives may have been conveyed in communication with regard to possible interpretations of the response actions by economic agents. Misinterpretations of policy actions at the time, fuelled by the increased attention to inflation, could later contribute to higher inflation persistence. The article presents findings based on the innovative use of MAXQDA Pro 2022 solutions for textual analysis of central bank’s communication. It points to three inconsistencies in the NBP’s communication that could potentially lead to misinterpretation of the NBP’s policy actions in response to the crisis and thus affect the formation of expectations.</p>
</abstract>

The article analyses the communication of the National Bank of Poland (NBP) one year after the announcement of the crisis response package adopted after the outbreak of the COVID pandemic. It presents the perspective of a central bank that first entered unconventional monetary ground during the COVID-crisis. The analysis aims to answer the question of what message about monetary policy objectives may have been conveyed in communication with regard to possible interpretations of the response actions by economic agents. Misinterpretations of policy actions at the time, fuelled by the increased attention to inflation, could later contribute to higher inflation persistence. The article presents findings based on the innovative use of MAXQDA Pro 2022 solutions for textual analysis of central bank’s communication. It points to three inconsistencies in the NBP’s communication that could potentially lead to misinterpretation of the NBP’s policy actions in response to the crisis and thus affect the formation of expectations.

Central bank communication in unconventional times: Some evidence from a textual analysis of the National Bank of Poland communication during the COVID-crisis

The Institute of Banking, SGH Warsaw School of Economics

Economics and Business Review

This work is licensed under the Creative Commons Attribution 4.0 International License.

The article analyses the communication of the National Bank of Poland (NBP) one year after the announcement of the crisis response package adopted after the...

Central bank communication in unconventional times: Some evidence from a textual analysis of the National Bank of Poland communication during the COVID-crisis

Published Online: Apr 10, 2024

Page range: 101 - 124

Received: Nov 10, 2023

Accepted: Mar 03, 2024

DOI: https://doi.org/10.18559/ebr.2024.1.1039

Keywords
Central bank communication, textual analysis, financial stability, price stability, monetary policy, attention to inflation

© 2024 Lada Voloshchenko-Holda, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Central bank communication in unconventional times: Some evidence from a textual analysis of the National Bank of Poland communication during the COVID-crisis

Published Online: Apr 10, 2024

Page range: 101 - 124

Received: Nov 10, 2023

Accepted: Mar 03, 2024

DOI: https://doi.org/10.18559/ebr.2024.1.1039

KeywordsCentral bank communication, textual analysis, financial stability, price stability, monetary policy, attention to inflation

© 2024 Lada Voloshchenko-Holda, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Central bank communication, textual analysis, financial stability, price stability, monetary policy, attention to inflation