Data for: Central bank communication with the general public: Promise or false hope?

Principal Investigator(s): View help for Principal Investigator(s) Alan Blinder, Princeton; Michael Ehrmann, European Central Bank; Jakob De Haan, Rijksuniversiteit Groningen; David-Jan Jansen, Vrije Universiteit Amsterdam

Version: View help for Version V1

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BlinderEtAl_Communication_JEL_Data.xlsx	application/vnd.openxmlformats-officedocument.spreadsheetml.sheet	132 KB	05/26/2023 12:45:AM
README.pdf	application/pdf	52.9 KB	05/26/2023 01:54:AM

Project Citation:

Blinder, Alan, Ehrmann, Michael, De Haan, Jakob, and Jansen, David-Jan. Data for: Central bank communication with the general public: Promise or false hope? . Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-05-07. https://doi.org/10.3886/E184303V1

Project Description

Summary: 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 ensure accountability and create trust; another is to guide inflation expectations. This article surveys a rapidly growing literature on central bank communication with the public—rather than with the financial markets. We first discuss why such communication matters and is more challenging than communicating with expert audiences. Then we turn to methods: How do central banks try to reach the public, and do they succeed? Next, and importantly, we survey the empirical evidence on the extent to which this new outreach affects inflation expectations. On balance, we see some promise in the potential to inform the public better, but many challenges along the way.

Scope of Project

JEL Classification:
      D12 Consumer Economics: Empirical Analysis
      D84 Expectations; Speculations
      E52 Monetary Policy
      E58 Central Banks and Their Policies
      G53 Household Finance: Financial Literacy

Geographic Coverage: BIS members (Figure 1), Canada, Germany, US (Figure 2), euro area (Figure 4), US (Figure 6)

Time Period(s): 12/2021 – 12/2021 (Figure 1); 2005 – 2022 (Figure 2); 1998 – 2022 (Figure 4)

Collection Date(s): 12/2021 – 12/2021 (Figure 1); 12/2021 – 12/2021 (Figure 5)

Data Type(s): other

Methodology

Data Source: Web sites of central banks (Figure 1); Google Trends (Figure 2); Own computations (Figure 4); Academic papers (Figure 5); Coibion et al, 2022 (Figure 6)

Collection Mode(s): other

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Published Versions

V1 [2024-05-07]

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