Josef Simpartl
This article examines forms of direct monetary policy communication and their impact on inflation expectations and the public’s perception of the central bank. To this end, an experiment was conducted in August 2024 with three groups of respondents representative of the Czech population, the first of which was exposed to a monetary policy statement, the second to a related Facebook post, and the third to no information. Respondents who were exposed to the above-mentioned texts significantly reduced their inflation expectations and the link between those inflation expectations and perceived current inflation. At the same time, their knowledge of the monetary policy of the Czech National Bank (CNB) improved somewhat. However, none of the groups of respondents changed their opinion on the CNB, with the exception of a slight improvement in the assessment of its communication in the case of the group exposed to the Facebook post.
JEL Codes: C83, D84, E31, E58
Keywords: Inflation expectations, central bank, communication, social media, survey
Issued: February 2026
Download: CNB WP No. 4/2026 (pdf, 2 MB)