Talking in a language that everyone can understand? Clarity of speeches by the ECB executive board

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URN:	urn:nbn:de:bsz:180-madoc-667300
Document Type:	Working paper
Year of publication:	2023
The title of a journal, publication series:	ZEW Discussion Papers
Volume:	23-073
Place of publication:	Mannheim
Publication language:	English
Institution:	Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series:	Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject:	330 Economics
Classification:	JEL: E52 , E58,
Keywords (English):	Central Bank communication , monetary policy transparency , clarity , readability
Abstract:	We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that clarity of information provision is trending upward since the inception of the ECB. The increase is gradual, rather than being induced by changes in the board composition or major macroeconomic events. Clarity is higher for speeches aimed at general audiences and for speeches by female speakers. We also show that media sentiment about the ECB is negatively related to complexity.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

BASE: Glas, Alexander ; Müller, Lena

Google Scholar: Glas, Alexander ; Müller, Lena

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