Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/246171 
Year of Publication: 
2021
Series/Report no.: 
ECB Working Paper No. 2594
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Central banks have intensified their communication with non-experts - an endeavour which some have argued is bound to fail. This paper studies English and German Twitter traffic about the ECB to understand whether its communication is received by non-experts and how it affects their views. It shows that Twitter traffic is responsive to ECB communication, also for non-experts. For several ECB communication events, Twitter constitutes primarily a channel to relay information: tweets become more factual and the views expressed more moderate and homogeneous. Other communication events, such as former President Draghi's "Whatever it takes" statement, trigger persistent traffic and a divergence in views. Also, ECB-related tweets are more likely to get retweeted or liked if they express stronger or more subjective views. Thus, Twitter also serves as a platform for controversial discussions. The findings suggest that central banks manage to reach non-experts, i.e. their communication is not a road to nowhere.
Subjects: 
monetary policy
central bank communication
social media
non-experts
JEL: 
E52
E58
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4817-3
Document Type: 
Working Paper

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