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

Ales Bulir and Katerina Smídková

No 2008/084, IMF Working Papers from International Monetary Fund

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.

Keywords: WP; inflation report; monetary policy meeting; communication tool; CNB monetary policy; inflation target; inflation-targeting central bank (search for similar items in EconPapers)
Pages: 22
Date: 2008-04-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=21853 (application/pdf)

Related works:
Journal Article: Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2008/084

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().