NDLI: Central Bank Communication in Ghana: Insights from a Text Mining Analysis

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Central Bank Communication in Ghana: Insights from a Text Mining Analysis

Content Provider	Scilit
Author	Omotosho, Babatunde S.
Copyright Year	2019
Description	Journal: SSRN Electronic Journal Effective central bank communication is useful for anchoring market expectations and enhancing macroeconomic stability. In this paper, the communication strategy of the Bank of Ghana (BOG) is analysed using BOG’s monetary policy committee press releases for the period 2018-2019. Specifically, we apply text mining techniques to investigate the readability, sentiments and hidden topics of the policy documents. Our results provide evidence of increased central bank communication during the sample period, implying improved monetary policy transparency. Also, the computed Coleman and Liau (1975) readability index shows that the word and sentence structures of the press releases have become less complex, indicating increased readability. Furthermore, we find an average monetary policy net sentiment score of 3.9 per cent. This means that the monetary policy committee expressed positive sentiments regarding policy and macroeconomic outlooks during the period. Finally, the estimated topic model reveals that the topic proportion for “monetary policy and inflation” was prominent in the year 2018 while concerns regarding exchange rate were strong in 2019. The paper recommends that in order to enhance monetary policy communication, the Bank of Ghana should continue to improve on the readability of the monetary policy press releases.
Related Links	https://mpra.ub.uni-muenchen.de/98297/1/MPRA_paper_98297.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3526451
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3526451
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-11-01
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Development Studies Social Sciences, Interdisciplinary Central Bank Communication Text Mining Monetary Policy
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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