Tracing the Literature on Central Bank Communication: A Bibliometric Review

This paper examines past and current research trends in central bank communication, as well as the thematic evolution and dominant themes in the field, through a bibliometric analysis of research works published in Scopus-indexed journals from 2006 to 2023. The study aims to map the intellectual structure of the field, identify key themes, and highlight influential work. Our key findings are as follows. First, the literature is classified into four primary domains: types of central bank communication, macroeconomic effects, communication channels, and analytical methodologies. Second, the main findings include the importance of formal communication, such as minutes of monetary policy meetings, in shaping market and economic expectations, and the increasing use of advanced textual analysis techniques. Additionally, despite efforts to engage with stakeholders via various channels such as speeches, press conferences, and social media, most research in this area focuses on formal monetary policy communication. Future research could explore informal central bank communication and the communication strategies of central banks in emerging markets.