The European Central Bank published an ECB Blog post summarising prize-winning research on how the identity of the speaker shapes the effectiveness of monetary policy communication. The study finds that when the messenger shares the same nationality as the audience, ECB messages receive more local media and social media coverage and are more likely to influence beliefs, including inflation expectations. Evidence is drawn from analysis of around eight million ECB-related tweets and more than 25,000 newspaper articles from 2016 to 2022 across Germany, Spain, France and Italy, alongside results around 48 ECB monetary policy press conferences. A controlled experiment with a few hundred participants in the same four countries further indicates that people adjust inflation expectations more when forecasts are delivered by a messenger of their own nationality, including when the messenger is affiliated with the ECB. The experimental evidence points to homophily rather than aversion to outgroups, with survey responses linking stronger reliance on ingroup messengers to higher perceived ability and trust. Applications for the 2026 ECB Young Economist Prize are expected to open soon.
European Central Bank 2026-01-19
European Central Bank blog summarises research finding that nationality-matched messengers increase the reach and persuasiveness of policy communication
The European Central Bank's blog post summarizes research showing that monetary policy messages from speakers sharing the audience's nationality receive more media coverage and influence beliefs, including inflation expectations. The study analyzed ECB-related tweets, newspaper articles, and press conferences, and conducted experiments in Germany, Spain, France, and Italy, highlighting that people adjust expectations more when forecasts are delivered by a messenger of their own nationality.