用人人都能听懂的语言说话？欧洲中央银行执行董事会发言的清晰度

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-10-02 DOI:10.1016/j.jimonfin.2024.103200

Lena Bjerkander , Alexander Glas

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引用次数: 0

摘要

我们利用欧洲中央银行（ECB）执行董事会成员的演讲数据来分析央行沟通的清晰度是否随着时间的推移而提高。利用可读性指标作为替代变量，我们发现自欧洲央行成立以来，信息提供的清晰度呈上升趋势。这种增长是渐进的，而不是由董事会组成的变化或重大宏观经济事件引起的。我们还发现，针对普通听众的演讲和女性演讲者的演讲清晰度更高。此外，我们还发现，演讲的清晰度越高，媒体对欧洲央行的看法就越乐观，演讲与媒体看法之间的关系就越紧密。

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Talking in a language that everyone can understand? Clarity of speeches by the ECB Executive Board

We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether the clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that the 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. We also show that clarity is higher for speeches aimed at general audiences and for speeches by female speakers. Moreover, we find that higher clarity of speeches is associated with more optimistic media sentiment about the ECB and a stronger relationship between speech and media sentiment.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.