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 …

There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

Despite increasing communication efforts, it may be difficult for central banks to engage the
public, as their language is often too difficult to understand for most citizens. Focusing on the …

We formalize the editorial role of news media in a multisector economy and show that media
can be an independent source of business cycle fluctuations, even when they report …

We ask how central banks can change their communication in order to receive greater
newspaper coverage. We write down a model of news production and consumption in which …

We study how financial market participants process news from four major central banks—the
Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), and the …

Increasing transparency is one of the first and most common recommendations from
international financial institutions to policymakers in countries that experience economic …

Economists and central bankers nowadays believe that forward guidance has become more
important in a world in which key interest rates have hit their effective lower bounds (ELB). In …

Central bank independence has raised questions of accountability ever since its global
diffusion in the 1990s, and especially since the financial crisis. Yet, whilst the literature on …

Media coverage of ECB's policy decisions has an impact on financial market expectations,
and thus, on the monetary policy objectives of the ECB. In this article, we use a …