Arbeitspapier
Talking in a language that everyone can understand? Transparency of speeches by the ECB Executive Board
Using novel data on speeches held by members of the European Central Bank's Executive Board, we investigate whether monetary policy transparency has increased over time. With respect to the general public as the target audience, our findings suggest that the European Central Bank successfully improved the frequency and clarity of information provision since its inception. The increase in transparency is gradual, rather than being induced by changes in the Executive Board's composition or major economic events such as the Great Recession. However, the clarity of speeches in recent years is still fairly low. Moreover, our findings indicate that clarity decreased under Christine Lagarde's presidency following the outbreak of the Coronavirus pandemic. We conclude that while the European Central Bank was able to increase transparency over time, further improvements in clarity are required to make monetary policy truly accessible to the broad public.
- Language
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Englisch
- Bibliographic citation
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Series: FAU Discussion Papers in Economics ; No. 01/2021
- Classification
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Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Subject
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Central Bank Communication
Monetary Policy Transparency
Clarity
Readability
- Event
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Geistige Schöpfung
- (who)
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Glas, Alexander
Müller, Lena
- Event
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Veröffentlichung
- (who)
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Friedrich-Alexander-Universität Erlangen-Nürnberg, Institute for Economics
- (where)
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Nürnberg
- (when)
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2021
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Glas, Alexander
- Müller, Lena
- Friedrich-Alexander-Universität Erlangen-Nürnberg, Institute for Economics
Time of origin
- 2021