How the COVID-19 Pandemic Has Influenced Central Bank Communication on Social Media. An Analysis of Two Major Central Banks from the Anglo-Saxon economies

This study examines how central banks communicate on social media during the COVID-19 pandemic, and whether they are using these technologies to create a bidirectional communication or to increase their transparency by reaching a wider audience. The research method used for this purpose is content analysis, by investigating the information provided on the Twitter pages of two major central banks from the Anglo-Saxon economies: the Federal Reserve and the Bank of England. To be more specific, the current study is focused on the impact of the COVID-19 pandemic on the relationship between central banks and the public (if they interact with their audience by responding to comments or creating debate topics that engage the public or they just offer information about their decisions or measures to mitigate the negative effects of the pandemic on the economy), and the type of content central banks prefer (articles, online events, pictures or videos). The results show that central banks use social media and other forms of communication for the primary purpose of giving information about their efforts to ensure macroeconomic and financial stability, rather than for creating an open dialogue with the public.