On the role of central banks' communication in the implementation of monetary policy strategy
Year: 2025
Type: article
Abstract: This study presents a comprehensive analysis of the role of communication strategies employed by central banks in the implementation of monetary policy. It focuses on examining the mechanisms of transmitting informational signals from regulators to financial markets and the economic expectations of various groups of economic agents. The study considers both traditional forms of communication used by central banks (official statements, monetary policy reports, press conferences, and monetary policy strategy presentations) as well as new digital interaction channels (social networks, messengers). Additionally, this article pays attention to a comparative analysis of the communication approaches of the Federal Reserve System, the European Central Bank, and the Central Bank of the Russian Federation during different periods of the economic cycle, including crisis situations and periods of stability. The research employs a comprehensive methodological framework that includes: quantitative content analysis of central bank textual materials using computational linguistics methods, econometric analysis of market reactions (event-study approach), comparative analysis of communication strategies, and investigation of digital communication channels using network analysis methods. The scientific novelty of the research lies in the development of the concept of "multi-level communication effectiveness," the identification of a nonlinear relationship between the intensity of communication and its effectiveness, and the systematization of factors determining the success of central banks' communication strategies. The main conclusions of the study indicate the need to revise traditional communication approaches in the context of digital transformation, the importance of maintaining an optimal balance between transparency and flexibility, and the increasing role of expectation management as a key element of modern monetary policy. The research contributes to the discussion about communication as one of the key tools of monetary policy for regulators in the current stage. The practical significance of the study lies in the development of specific recommendations for optimizing central banks' communication strategies in light of the identified patterns and contemporary challenges.
Author: Andrei Vyacheslavovich Koshkin
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4416168187