Séminaire d’économie de Bordeaux
Caroline Perrin
(World Bank)
Mind the Gap: Gender Differences in Central Bank Communication
Abstract:
We study whether who speaks shapes how central banks communicate, assembling 35,487 speeches from 131 central banks (1986–2023). We find small but systematic gender differences: female-authored speeches are slightly more accessible and more inclusive in pronoun use, show subtly less deontic and hedging language, and tilt modestly toward household-proximate themes. Interacting gender with a country–year crisis indicator reveals limited broad amplification, i.e. most gaps are stable in crises, though inclusiveness rises modestly and dispersion increases for tentativeness and
household emphasis during stress episodes. Effect sizes are uniformly modest in 𝑧-score units, consistent with strong editorial and institutional norms that compress heterogeneity, especially when stakes are high. The results imply that representation affects the style and framing of monetary communication at the margin, offering practical levers, i.e. clarity and inclusive framing to broaden audience reach and support legitimacy without altering policy content.
Caroline Perrin is a Postdoctoral Researcher involved in the RE-WIRING Project, funded by the European Commission, which explores women’s representation in political, corporate, and judicial sectors across Europe. She will also be based at the University of Oxford as a Visiting Researcher from September 2025. Her research mostly focuses on gendered policies and their effects on women’s access to economic opportunities. She is part of the Women, Business and the Law team, where she analyzes how gendered laws impact female economic outcomes. She is also a Junior Fellow at the Atlantic Council and a member of BSI Economics, contributing to discussions on economic policy and gender equality.
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