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Social Media as a Monetary Policy Tool? Evidence from a Survey Experiment

Author

Listed:
  • Josef Simpartl

Abstract

This article examines forms of direct monetary policy communication and their impact on inflation expectations and the public's perception of the central bank. To this end, an experiment was conducted in August 2024 with three groups of respondents representative of the Czech population, the first of which was exposed to a monetary policy statement, the second to a related Facebook post, and the third to no information. Respondents who were exposed to the above-mentioned texts significantly reduced their inflation expectations and the link between those inflation expectations and perceived current inflation. At the same time, their knowledge of the monetary policy of the Czech National Bank (CNB) improved somewhat. However, none of the groups of respondents changed their opinion on the CNB, with the exception of a slight improvement in the assessment of its communication in the case of the group exposed to the Facebook post.

Suggested Citation

  • Josef Simpartl, 2026. "Social Media as a Monetary Policy Tool? Evidence from a Survey Experiment," Working Papers 2026/04, Czech National Bank, Research and Statistics Department.
    • Handle: RePEc:cnb:wpaper:2026/04
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    File URL: https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2026_04.pdf
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    References listed on IDEAS

    as
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    Keywords

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    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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