A1 Refereed original research article in a scientific journal
Who Should You Listen to in a Crisis? Differences in Communication of Central Bank Policymakers
Authors: Lehtimäki Jonne, Palmu Marianne
Publisher: Sciendo
Publication year: 2022
Journal: Journal of Central Banking Theory and Practice
Journal name in source: JOURNAL OF CENTRAL BANKING THEORY AND PRACTICE
Journal acronym: J CENT BANK THEOR PR
Volume: 11
Issue: 3
First page : 33
Last page: 57
Number of pages: 25
ISSN: 1800-9581
eISSN: 2336-9205
DOI: https://doi.org/10.2478/jcbtp-2022-0022
Web address : https://doi.org/10.2478/jcbtp-2022-0022
Self-archived copy’s web address: https://research.utu.fi/converis/portal/detail/Publication/176976839
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.
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