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Central Bank Communication as Public Opinion?

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  • Nicole Baerg, Dominik Duell and Will Lowe

Abstract

The legitimacy of central banks is on the decline in many countries yet support for central banks is thought to be essential for the successful conduct of monetary policy. Embedding survey vignette experiments into three panel survey waves of German citizens, we examine how support for the European Central Bank (ECB) and the central banks communication style affects a respondents inflation expectations. Our experiments show that while information effects exist, such effects are heterogeneous across different societal groups. We find that information effects are strongest among those who already support the European project and the ECB. Our findings have important implications for the public outreach strategies of central banks. Further, in the aggregate, our results also suggest that Euroskepticism likely has inflationary effects.

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  • Nicole Baerg, Dominik Duell and Will Lowe, 2025. "Central Bank Communication as Public Opinion?," Journal of Political Institutions and Political Economy, now publishers, vol. 6(2), pages 211-247, July.
    • Handle: RePEc:now:jnlpip:113.00000123
    DOI: 10.1561/113.00000123
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