<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets down. This paper studies the information content of different styles of communication from individual central bank policymakers in the European Central Bank and the Federal Reserve during a period of very high economic uncertainty, and whether it differs depending on the role or position of the speaker. The findings suggest that during the financial crisis there was a large variance in the information content of different policymakers and styles of communication.</p>
</abstract>

Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets down. This paper studies the information content of different styles of communication from individual central bank policymakers in the European Central Bank and the Federal Reserve during a period of very high economic uncertainty, and whether it differs depending on the role or position of the speaker. The findings suggest that during the financial crisis there was a large variance in the information content of different policymakers and styles of communication.

Who Should You Listen to in a Crisis? Differences in Communication of Central Bank Policymakers

Journal of Central Banking Theory and Practice

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

Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets...

Who Should You Listen to in a Crisis? Differences in Communication of Central Bank Policymakers

Published Online: Sep 23, 2022

Page range: 33 - 57

Received: Jul 09, 2021

Accepted: Oct 12, 2021

DOI: https://doi.org/10.2478/jcbtp-2022-0022

Keywords
Communication, Monetary Policy, Central banking, Central Banks and Their Policies

© 2022 Jonne Lehtimäki et al., published by Sciendo

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

Who Should You Listen to in a Crisis? Differences in Communication of Central Bank Policymakers

Published Online: Sep 23, 2022

Page range: 33 - 57

Received: Jul 09, 2021

Accepted: Oct 12, 2021

DOI: https://doi.org/10.2478/jcbtp-2022-0022

KeywordsCommunication, Monetary Policy, Central banking, Central Banks and Their Policies

© 2022 Jonne Lehtimäki et al., published by Sciendo

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

Keywords
Communication, Monetary Policy, Central banking, Central Banks and Their Policies