Modern central banks pay more and more attention to the precision of their communication with market participants. They address their message not only to financial markets specialists but also to ordinary individuals. Thus, their releases are simpler – a presentation of infographics and the use of social media to communicate (blogs and chats) are good examples of such simplification. The most remarkable modification of the dialog of central banks with the general public is related to enhanced intention signalling. This research project primarily evaluates the transparency and communication of 16 European central banks.
The main goal of our project is fulfilled via the realisation of several specific research goals. The first specific goal is of a methodological nature. In our opinion, a lack of sufficient tools for assessment of transparency and communication exists. We expect satisfactory tools to cover modern trends of transparency and communication. We aim to elaborate upon such tools. A comparative assessment of the transparency and communication central banks is our next specific goal. Lastly, a set of empirical goals aims to verify whether transparency and communication influence the inflation expectations of market participants, their sentiments and actual economic performance.