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Striving to Be “Clearly Open” and “Crystal Clear” :, Monetary Policy Communication of the CNB, Ales Bulir, Katerina Smídková

Abstract
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
Table Of Contents
Contents; I. Introduction; II. Transparency: Open, Timely, and Clear Communication; III. Openness and Timeliness in Communication: The Czech Case; Tables; 1. Communication Tools: Benchmarks and the Czech National Bank Case; IV. Assessing Clarity in Communication: A Suggested Methodology; Figure 1. The Czech National Bank: A Measure of Comprehensive Risk; V. Clarity in Communication: The Czech Case; 2. Czech National Bank: How Clear Communication was in 2001-2005; 3. The Czech National Bank: Detailed Results; VI. Final Remarks; Appendix. Czech National Bank: Three Measures of Forecast Risk
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (24 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781451913996

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