In order to rebuild trust—particularly with younger generations who haven’t felt much warmth from monetary policy in their lifetimes—the Federal Reserve, the European Central Bank, the Bank of England and beyond are trying their hand at marketing and influencing on social media.
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When central banks hit instagram, cue the cringe
When it comes to explaining rate decisions and the state of the economy on Instagram, the savviest central banks hand the reins to younger staff, says Andre Spicer, executive dean of the Bayes Business School in London. People tend to trust their peers, and it’s easier to understand monetary policy or inflation if the lessons are delivered by someone who talks like you and sprinkles in familiar cultural references. “Using a person who the audience can identify with, like a young person, can be an effective technique,” he says.
