Central bank communication with non-experts-A road to nowhere?

Central banks have intensified their communication with non-experts - an endeavour which some argue will fail. This paper studies English and German tweets about the ECB to show that its communication is received by non-experts, i.e. is not a road to nowhere. Following ECB communications, tweets often primarily relay information, become more factual and the views expressed more moderate and homogeneous. Some communications, such as Mario Draghi's Whatever it takes, trigger a divergence in views. Also, tweets with negative, stronger or more subjective views are more likely retweeted, liked or replied to. Thus, Twitter also constitutes a platform for controversial discussions. (c) 2022 Elsevier B.V. All rights reserved.

Automated summary

This paper examines tweets about the ECB in English and German, and finds that the central bank's communication is received by non-experts. The tweets mainly convey information, become more factual, and show more moderate and homogeneous views. Some communications trigger divergent opinions, and negative, stronger, or more subjective views are more likely to be retweeted, liked, or replied to, indicating that Twitter is also a platform for controversial discussions.