Detail publikace

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

Autor: † prof. Mgr. Kateřina Šmídková M.A., Ph.D., Aleš Bulíř
Typ: Články v impaktovaných časopisech
Rok: 2007
Číslo: 23
ISSN / ISBN:
Publikováno v: Czech Journal of Economics and Finance, 57(11-12), pp.540-557
Místo vydání: Prague
Klíčová slova: transparency, communication, monetary policy, Czech National Bank
JEL kódy: E31, E43, E47, E58
Citace:
Abstrakt: 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.
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