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The Power of Words: Issuance and Reception of Central Banker's Discourse
[Le pouvoir des mots : émission et réception du discours du banquier central]

Author

Listed:
  • Mickaël Clévenot

    (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord)

  • Ludovic Desmedt

    (LEDi - Laboratoire d'Economie de Dijon [Dijon] - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE])

  • Matthieu Llorca

    (LEDi - Laboratoire d'Economie de Dijon - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper aims at understanding why the central banks' talks took a significant weight recently. By using some tools, put forward in the economic theory, on the one hand, and on sociology, on the other hand, we study the devices permitting this transformation and we analyse some "acts of speech". First, we describe how the theoretical context led to highlight the speeches of central bankers for the economists. The first section summarizes the arguments in favour of the communication of the central Bank developed by the New Classicals and the New Keynesian Economics. Then, we describe the various transmission channels. Second, we come back on the "acts of speech" from the ECB by studying its practices. We analyse the tone of this communication. We create indicators of optimism or pessimism through a text mining approach based on the words (and their positive or negative connotation) used in the editorials of the ECB monthly bulletin. Finally, we question the relationships established between the speaker and the receivers of those messages. This question brings us to discuss the distinction between performative effects (production of the reality) and perlocution (action on the representations). We conclude on the reasons of the communicational turn of central bankers, namely that the speaker can be seen as the spokes-man of financial markets' operators.

Suggested Citation

  • Mickaël Clévenot & Ludovic Desmedt & Matthieu Llorca, 2015. "The Power of Words: Issuance and Reception of Central Banker's Discourse [Le pouvoir des mots : émission et réception du discours du banquier central]," Post-Print hal-04711754, HAL.
    • Handle: RePEc:hal:journl:hal-04711754
    DOI: 10.4000/ei.1016
    Note: View the original document on HAL open archive server: https://cnrs.hal.science/hal-04711754v1
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