Seeing, Hearing and Perceiving Central Bank Messaging

Last registered on November 01, 2023
View Trial History

Pre-Trial

Trial Information

General Information

Title
Seeing, Hearing and Perceiving Central Bank Messaging
RCT ID
AEARCTR-0012392
Initial registration date
October 29, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
November 01, 2023, 4:27 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Country
Canada
Region

Primary Investigator

Name
xu zhang
Affiliation
Bank of Canada
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Xinfen Han
PI Affiliation
PI Name
Michelle Alexopoulos
PI Affiliation

Additional Trial Information

Status
In development
Start date
2023-10-29
End date
2023-11-20
Keywords
Behavior, Finance & Microfinance, Other
Additional Keywords
subjective expectations, central bank communication, monetary policy, survey
JEL code(s)
E31, E52
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We study the effectiveness of the central bank message delivery on households' inflation and interest rate expectations. We provide random subsets of participants in the Nielsen Homescan panel with video, audio, transcript, one chart from the monetary policy report press conference. We ask their inflation and interest rate expectations before and after the treatment. We also follow up their shopping behavior in the incoming months. This experiment allows us to assess to what extent these verbal and nonverbal communications in the different formats of communication alter the beliefs and spending plans of households.
External Link(s)

Registration Citation

Citation
Alexopoulos, Michelle, Xinfen Han and xu zhang. 2023. "Seeing, Hearing and Perceiving Central Bank Messaging." AEA RCT Registry. November 01. https://doi.org/10.1257/rct.12392-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
We show individuals video, audio, transcript, chart from the monetary policy report press conference.
Intervention Start Date
2023-10-29
Intervention End Date
2023-11-20

Primary Outcomes

Primary Outcomes (end points)
individual's inflation and interest rate expectation, their shopping behavior
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Participants are randomly assigned to groups. Each group gets provided with the same central bank message but in different formats -- in the form of video, audio, transcript, a chart from the monetary policy report press conference. We ask their inflation and interest rate expectations before and after the treatment.
Experimental Design Details
Randomization Method
randomization done by Nielsen
Randomization Unit
individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
N/A
Sample size: planned number of observations
about 5000 individuals
Sample size (or number of clusters) by treatment arms
1000 individual each for four treatment groups and one control group
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number
Analysis Plan

Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials