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Journals / İzmir Yönetim Dergisi / 2025 / Cilt: 6 Sayı: 2

Readability in Central Banks’ Monetary Policy Announcements: The Cases of FED, ECB, and CBRT

Merkez Bankalarının Para Politikası Duyurularında Okunabilirlik: FED, ECB ve TCMB Örnekleri

Mehmet Fatih Görgün(DOKUZ EYLÜL ÜNİVERSİTESİ)0009-0009-8578-1638
Erhan Demireli(DOKUZ EYLÜL ÜNİVERSİTESİ)0000-0002-3457-0699
Sevinc Güler Özçalık(DOKUZ EYLÜL ÜNİVERSİTESİ)0000-0002-0423-7510
Pages
115–134
Publication Date
2025-12-30
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

This integrated approach allows for a more holistic evaluation of economic texts and contributes to the enhancement of central banks' communication strategies.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Central bank policy communication is not only the process of announcing decisions to the public but also plays a critical role in guiding economic expectations and maintaining market confidence.
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Key Findings & Data:The use of clear and comprehensible language in central bank communications enables market participants to interpret policy decisions more accurately, thereby supporting macroeconomic stability.
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Conclusion & Impact:This integrated approach allows for a more holistic evaluation of economic texts and contributes to the enhancement of central banks' communication strategies.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Okunabilirlik analizi · doğal dil işleme · merkez bankası iletişimi

Abstract

Central bank policy communication is not only the process of announcing decisions to the public but also plays a critical role in guiding economic expectations and maintaining market confidence. The use of clear and comprehensible language in central bank communications enables market participants to interpret policy decisions more accurately, thereby supporting macroeconomic stability. In this study, the readability of monetary policy press releases published by the Federal Reserve System (FED), the European Central Bank (ECB), and the Central Bank of the Republic of Türkiye (CBRT) is analyzed. The calculations are based on various readability metrics, including the Flesch-Kincaid Readability Tests (FK), Gunning Fog Index (FOG), Simple Measure of Gobbledygook (SMOG), Coleman-Liau Index (CLI), Automated Readability Index (ARI), and the Lesbarhetsindex (LIX). These methods provide insights into the communication strategies employed by the central banks. The analyses reveal how the content and structure of press releases have evolved over time and uncover the levels of clarity in the language used by each bank. Furthermore, the study emphasizes that combining readability analysis with other text analysis techniques—such as sentiment analysis, topic modeling, and text mining—can lead to more accurate and comprehensive findings. This integrated approach allows for a more holistic evaluation of economic texts and contributes to the enhancement of central banks' communication strategies.

Özet

Merkez bankalarının politika iletişimi, yalnızca alınan kararların kamuoyuna duyurulması süreci değil, aynı zamanda ekonomik beklentilerin yönlendirilmesinde ve piyasa güveninin sağlanmasında kritik bir rol oynamaktadır. Merkez bankalarının politika iletişiminde açık ve anlaşılır dil kullanımı, piyasa aktörlerinin kararları daha doğru yorumlamasına olanak tanımakta ve makroekonomik istikrarı desteklemektedir. Bu çalışmada, Amerikan Merkez Bankası (Federal Reserve System [FED]), Avrupa Merkez Bankası (European Central Bank [ECB]) ve Türkiye Cumhuriyet Merkez Bankası (TCMB) tarafından yayınlanan para politikası basın duyurularının okunabilirlik analizleri gerçekleştirilmiştir. Flesch-Kincaid Okunabilirlik Testi (Flesch-Kincaid Readability Tests [FK]), Gunning Fog Endeksi (Gunning Fog Index [FOG]), Gobbledygook Ölçüsü (Simple Measure of Gobbledygook [SMOG]), Coleman-Liau Endeksi (Coleman-Liau Index [CLI]), Otomatik Okunabilirlik Endeksi (Automated Readability Index [ARI]) ve Lesbarhets Endeksi (Lesbarhetsindex [LIX]) yöntemleri kullanılarak yapılan hesaplamalar, merkez bankalarının iletişim stratejilerine dair bulgular sunmaktadır. Analizler, duyuru metinlerinin zaman içinde nasıl değiştiğini ve bankaların kullandığı dilin anlaşılabilirlik düzeylerini ortaya koymaktadır. Ayrıca çalışma, okunabilirlik analizinin diğer metin analizi teknikleri ile birlikte kullanılarak daha sağlıklı sonuçlara ulaşılabileceğini vurgulamaktadır. Bu yaklaşım, ekonomik metinlerin daha bütüncül bir şekilde değerlendirilmesini sağlayarak, iletişim stratejilerinin yeniden şekillendirilmesine katkıda bulunacaktır.

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Cite This Article

Görgün, M. F., Demireli, E., Özçalık, S. G. (2025). Readability in Central Banks’ Monetary Policy Announcements: The Cases of FED, ECB, and CBRT. İzmir Yönetim Dergisi, Cilt: 6 Sayı: 2, 115–134. https://doi.org/10.56203/iyd.1741719

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