Research Discussion Paper – RDP 2021-05 Central Bank Communication: One Size Does Not Fit All

Contents

• Introduction
• What is Effective Central Bank Communication?
• Data
• Survey Results
• Methodology and Model Data
• The Models
• Results
• Conclusion
• Appendix A : Readability Index Comparison
• Appendix B : Text Features
• Appendix C : Model Tuning Process
• Appendix D : Model Validation Results
• References

For helpful comments and suggestions we thank James Bishop, James Brookes, Adam Cagliarini, Iris Chan, Luci Ellis, Katherine Fitzpatrick, Adam Gorajek, Judy Hitchen, Gianni La Cava, Amanda Martz, Callan Windsor, and seminar participants at the Reserve Bank of Australia. We would also like to thank the many RBA staff who participated in our online surveys. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors.