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Writing Clearly: The ECB’s Monetary Policy Communication

Author

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  • Bulíř Aleš

    (International Monetary Fund (IMF),Washington, D.C., United States of America)

  • Čihák Martin

    (International Monetary Fund (IMF),Washington, D.C., United States of America)

  • Šmídkova Kateřina Š

    (Czech National Bank (CNB), Na Příkopě 28,Praha1, Czech Republic)

Abstract

The article presents a novel methodology for measuring the clarity of central bank communication using content analysis, illustrating the methodology with the case of the European Central Bank (ECB). The analysis identifies the ECB’s written communication as clear in about 85-95% of instances, which is comparable with, or better than, similar results available for other central banks. We also find that the additional information on risk to inflation and especially projection risk assessment contained in the ECB’s Monthly Bulletins helps to improve communication clarity compared to ECB’s press releases. In contrast, the bulletin’s communication on monetary developments has a negative, albeit small, impact on clarity.

Suggested Citation

  • Bulíř Aleš & Čihák Martin & Šmídkova Kateřina Š, 2013. "Writing Clearly: The ECB’s Monetary Policy Communication," German Economic Review, De Gruyter, vol. 14(1), pages 50-72, February.
    • Handle: RePEc:bpj:germec:v:14:y:2013:i:1:p:50-72
    DOI: 10.1111/j.1468-0475.2011.00562.x
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    2. Thiago Cacicedo Cidad & Gabriel Caldas Montes, 2016. "Does Central Bank’S Perception Regarding The State Of The Economy Affect Entrepreneurs’ Expectations? Are Entrepreneurs’ Expectations Important For Investment? Empirical Evidence From Brazil," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 035, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Allard, Julien & Catenaro, Marco & Vidal, Jean-Pierre & Wolswijk, Guido, 2013. "Central bank communication on fiscal policy," European Journal of Political Economy, Elsevier, vol. 30(C), pages 1-14.
    4. Ales Bulír & Martin Cihák & David-Jan Jansen, 2011. "Clarity of Central Bank Communication About Inflation," DNB Working Papers 333, Netherlands Central Bank, Research Department.

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