当前位置: X-MOL 学术Economic History of Developing Regions › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
The evolution of central bank communication as experienced by the South Africa Reserve Bank
Economic History of Developing Regions Pub Date : 2021-06-28 , DOI: 10.1080/20780389.2021.1925106
Gideon du Rand 1 , Ruan Erasmus 1 , Hylton Hollander 1 , Monique Reid 1 , Dawie van Lill 1
Affiliation  

ABSTRACT

Communication has evolved into a cornerstone of central bank design and policy implementation. The South African Reserve Bank has been proactive in this regard as well – most notably with the adoption of inflation targeting in 2001. Using novel text-mining techniques, we evaluate the communication of the SARB, as presented via public speeches and monetary policy committee (MPC) statements, in the context of historical developments from 1994 to 2020. Our analysis focuses on the volume, complexity, scope, and sentiment of communication. We conclude that MPC statements are consistently and narrowly focused on the mandate, whereas speeches capture more detail about how the thinking of SARB policy makers evolves over time. In both cases, communication serves as a channel to reduce uncertainty and build credibility in the public domain.



中文翻译:

南非储备银行所经历的中央银行沟通的演变

摘要

沟通已经演变成央行设计和政策实施的基石。南非储备银行在这方面也一直积极主动——最显着的是在 2001 年采用了通胀目标。我们使用新颖的文本挖掘技术,评估了 SARB 的沟通,如通过公开演讲和货币政策委员会提出的( MPC) 陈述,在 1994 年至 2020 年的历史发展背景下。我们的分析侧重于交流的数量、复杂性、范围和情感。我们得出的结论是,MPC 声明始终且狭隘地关注任务,而演讲则捕捉到更多关于 SARB 政策制定者的思想如何随时间演变的细节。在这两种情况下,交流都是减少不确定性和在公共领域建立可信度的渠道。

更新日期:2021-09-03
down
wechat
bug