Typology of communication strategies of central banks as a tool of monetary policy
Year: 2025
Type: article
Abstract: The present study is dedicated to a comprehensive analysis of the communication strategies of central banks as a key instrument of modern monetary policy. The research focuses on the process of transforming the institutional communications of central banks in the context of the digitalization of the economic space and changes in the media landscape. Special attention is given to studying the verbal and non-verbal aspects of communication, including the analysis of narrative constructions, metaphorical models, and digital formats of interaction with various groups of economic agents. The subject of the research is the communication strategies of three key central banks: the Bank of Russia, the European Central Bank, and the Federal Reserve System of the USA. The analysis covers the period from 2020 to 2023 and includes both traditional communication channels (official statements, reports) and digital platforms (social networks). The study is based on the hypothesis that the effectiveness of monetary policy in modern conditions is largely determined not only by the content of decisions made but also by the ways in which they are presented to different audiences. The research is based on an integrative approach that combines corpus linguistic analysis, network methods for studying digital communications, and cognitive experiments. Quantitative (content analysis, event study) and qualitative (discourse analysis, case study) methods are applied for a comprehensive assessment of the central banks' strategies. The scientific novelty of the study lies in the development of an original four-component typology of central banks' communication strategies that integrates verbal, digital, and regional aspects. For the first time, a classification is proposed that distinguishes instrumental-technocratic, stabilization-institutional, adaptive-differentiated, and digital-interactive strategies, which expands existing theoretical views on the nature of central bank communications. Key findings of the study indicate significant differences in the effectiveness of communication approaches for different target groups. It was found that adapting message formats (for example, using a "question-answer" format) increases understanding of economic policy among non-professional audiences by 34%. There is a significant variability in terminology between central and regional divisions (lexical similarity index 0.56-0.62), underlining the need to consider local specifics.
Source: Финансы и управление
Author: Andrei Vyacheslavovich Koshkin
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4416167356