Monetary Policy in the Media
Monetary Policy in the Media
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媒体中的货币政策
DOI：
10.1111/j.1538-4616.2011.00392.x
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Marcel Fratzscher
中科院分区：
文献类型：
--
作者：
Helge Berger;Michael Ehrmann;Marcel Fratzscher
就像私营公司非常依赖其接触客户的能力一样，政策制定者必须与私人代理人沟通才能取得成功--而这种沟通大部分是通过媒体进行的。对于中央银行来说尤其如此，因为货币政策的有效性在很大程度上取决于其在公众中的信誉。本文以欧洲中央银行（ECB）为例，分析了印刷媒体报道货币政策决策的合理性。我们发现，除其他外，媒体报道受到欧洲央行传达的信息量的影响。然而，也有迹象表明，媒体承担了关键的监督作用，当通货膨胀超过通货膨胀目标时，媒体往往对欧洲央行的政策决定进行更负面的报道。
Just like private companies depend crucially on their ability to reach customers, policymakers must communicate with private agents to be successful--and much of this communication is channeled through the media. This is especially true for central banks because the effectiveness of monetary policy depends to a large degree on their credibility among the general public. Using the case of the European Central Bank (ECB), the paper analyses the favorableness with which monetary policy decisions are reported upon in the print media. We find that media coverage is, among other things, influenced by the amount of information communicated by the ECB. There are, however, also indications of a critical monitoring role assumed by the media, which tends to report more negatively on ECB policy decisions when inflation exceeds the inflation target.