Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB

April 1, 2008

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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:
https://doi.org/10.5089/9781451869453.001
Issue:
084
Series:
Working Paper No. 2008/084
Stock No:
WPIEA2008084
ISBN:
9781451869453
ISSN:
1018-5941

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