Central Bank Communication in Unconventional Times: Some Evidence from a Textual Analysis of the National Bank of Poland Communication during the COVID-Crisis

• Autorzy: Lada Voloshchenko-Holda , Paweł Niedziółka
• Języki publikacji: EN

Abstrakty

EN

The article analyses the communication of the National Bank of Poland (NBP) one year after the announcement of the crisis response package adopted after the outbreak of the COVID pandemic. It presents the perspective of a central bank that first entered unconventional monetary ground during the COVID-crisis. The analysis aims to answer the question of what message about monetary policy objectives may have been conveyed in communication with regard to possible interpretations of the response actions by economic agents. Misinterpretations of policy actions at the time, fuelled by the increased attention to inflation, could later contribute to higher inflation persistence. The article presents findings based on the innovative use of MAXQDA Pro 2022 solutions for textual analysis of central bank's communication. It points to three inconsistencies in the NBP's communication that could potentially lead to misinterpretation of the NBP's policy actions in response to the crisis and thus affect the formation of expectations. (original abstract)

Słowa kluczowe

EN

Central banks; Text analysis; Financial sustainability; Price stability; Monetary policy; Inflation

PL

Banki centralne; Analiza tekstu; Stabilność finansowa; Stabilność cen; Polityka pieniężna; Inflacja

• Czasopismo: Economics and Business Review
• Rocznik: 2024
• Tom: 10 (24)
• Numer: nr 1
• Strony: 101--124

Twórcy

autor

Lada Voloshchenko-Holda

• SGH Warsaw School of Economics, Poland

autor

Paweł Niedziółka

• SGH Warsaw School of Economics, Poland

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Identyfikatory

DOI

https://doi.org/10.18559/ebr.2024.1.1039