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Central Bank communication with the general public: promise or false hope?

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  • Blinder, Alan S.
  • Ehrmann, Michael
  • de Haan, Jakob
  • Jansen, David-Jan

Abstract

Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence on the extent to which this new outreach does in fact affect inflation expectations and trust. On balance, we see some promise in the potential to inform the public better, but many challenges along the way. JEL Classification: D12, D84, E52, E58, G53

Suggested Citation

  • Blinder, Alan S. & Ehrmann, Michael & de Haan, Jakob & Jansen, David-Jan, 2022. "Central Bank communication with the general public: promise or false hope?," Working Paper Series 2694, European Central Bank.
    • Handle: RePEc:ecb:ecbwps:20222694
    Note: 203739
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    7. Guy Aridor & Rafael Jiménez-Durán & Ro'ee Levy & Lena Song, 2024. "The Economics of Social Media," CESifo Working Paper Series 10934, CESifo.
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    17. Jan Filacek & Lucie Kokesova Matejkova, 2022. "Disclosing Dissent in Monetary Policy Committees," Research and Policy Notes 2022/02, Czech National Bank.

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    More about this item

    Keywords

    central bank; communication; general public; monetary policy;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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