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Volume 57, Issue 11 -12

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

Bulíř, Aleš; Šmídková, Kateřina

Year: 2007   Volume: 57   Issue: 11 -12   Pages: 540-557

Abstract: The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. The authors analyze 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 – to assess clarity of communication. They find that these tools provided a very clear message in about three out of every four observations in our 2001–2005 sample.

JEL classification: E31, E43, E47, E58

Keywords: transparency, communication, monetary policy, Czech National Bank

RePEc: http://ideas.repec.org/a/fau/fauart/v57y2007i11-12p540-557.html

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