Central Bank Communication and Social Media: From Silence to Twitter

36 Pages Posted: 31 Oct 2022

See all articles by Davide Romelli

Davide Romelli

Trinity College (Dublin) - Department of Economics; Trinity College (Dublin)

Donato Masciandaro

Bocconi University - Department of Economics; Bocconi University - Department of Economics (ECO)

Oana Peia

University College Dublin (UCD)

Date Written: October 31, 2022

Abstract

This paper discusses the evolution of central bank communication, focusing on recent efforts by central banks to engage with a wider audience via social media. We document the social media presence of major central banks and discuss how analyzing Twitter content by and about monetary policy makers can inform about the effectiveness of communication in influencing beliefs. We focus on recent techniques employed in analyzing social media content in order to understand how central bank communication affects expectations and, subsequently, behavior in financial markets.

Keywords: central bank communication, monetary policy, expectations, transparency, text analysis, social media, Twitter

JEL Classification: E44, E52, E58, G14, G15, G41

Suggested Citation

Romelli, Davide and Masciandaro, Donato and Peia, Oana, Central Bank Communication and Social Media: From Silence to Twitter (October 31, 2022). BAFFI CAREFIN Centre Research Paper No. 2022-187, Available at SSRN: https://ssrn.com/abstract=4262641 or http://dx.doi.org/10.2139/ssrn.4262641

Davide Romelli (Contact Author)

Trinity College (Dublin) - Department of Economics ( email )

Arts Building
Room 3014
Dublin
Ireland

Trinity College (Dublin) ( email )

2-3 College Green
Dublin, Leinster D2
Ireland

Donato Masciandaro

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136
Italy

Bocconi University - Department of Economics (ECO) ( email )

Via Gobbi 5
Milan, 20136
Italy

Oana Peia

University College Dublin (UCD) ( email )

Belfield
Belfield, Dublin 4 4
Ireland

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