Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets down. This paper studies the information content of different styles of communication from individual central bank policymakers in the European Central Bank and the Federal Reserve during a period of very high economic uncertainty, and whether it differs depending on the role or position of the speaker. The findings suggest that during the financial crisis there was a large variance in the information content of different policymakers and styles of communication.

中文翻译：

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在危机中你应该听谁的？中央银行政策制定者的沟通差异

沟通已成为现代货币政策的重要组成部分，在中央银行必须平息市场的危机期间，其重要性甚至更高。本文研究了在经济不确定性非常高的时期，欧洲中央银行和美联储的个别中央银行政策制定者的不同沟通方式的信息内容，以及是否因发言人的角色或职位而有所不同。调查结果表明，在金融危机期间，不同决策者的信息内容和沟通方式存在很大差异。