Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283611 
Year of Publication: 
2023
Series/Report no.: 
ZEW Discussion Papers No. 23-073
Publisher: 
ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung, Mannheim
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.
Subjects: 
Central Bank Communication
Monetary Policy Transparency
Clarity
Readability
JEL: 
E52
E58
Document Type: 
Working Paper

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