Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB
April 1, 2008
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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.
Subject: Central bank policy rate, Communications in revenue administration, Economic forecasting, Inflation, Inflation targeting
Keywords: CNB monetary policy, communication tool, inflation report, inflation target, inflation-targeting central bank, monetary policy meeting, WP
Pages:
22
Volume:
2008
DOI:
Issue:
084
Series:
Working Paper No. 2008/084
Stock No:
WPIEA2008084
ISBN:
9781451869453
ISSN:
1018-5941
