Talking to the inattentive Public: How the media translates the Reserve Bank’s communications
Stellenbosch Working Paper Series No. WP19/2011Publication date: 2011
Author(s):
[protected email address] (Department of Economics, University of Stellenbosch)
Central bank communication is widely recognised as crucial to the implementation of monetary policy. This communication should enhance a central bank’s management of the inflation expectations of the financial markets as well as the general public – the latter being a part of the central bank’s audience that has received relatively little research attention. In this paper, the role of the media in transmitting the SARB’s communication to the general public is explored, with the aim of improving our understanding of its impact on the expectations channel of the monetary policy transmission mechanism. A deliberate evaluation of this channel could aid the design of future strategies to communicate with the general public.
JEL Classification:E42, E52, E58
Keywords:South Africa, central bank communication, consistency, monetary policy transmission mechanism, transparent monetary policy
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