Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. Using a simple forward-looking policy rule, we find that its main communication tools-inflation targets, inflation forecasts, verbal assessments of the inflation risks contained in quarterly inflation reports, and the voting within the CNB Board-provided a clear message in about three out of every four observations in our 2001- 2005 sample.
Series:
Working Paper No. 2008/084
Subject:
Central bank policy rate Communications in revenue administration Economic forecasting Inflation Inflation targeting
English
Publication Date:
April 1, 2008
ISBN/ISSN:
9781451869453/1018-5941
Stock No:
WPIEA2008084
Pages:
22
Please address any questions about this title to publications@imf.org