Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts?

Thomas Lustenberger and Enzo Rossi

No 2017-12, Working Papers from Swiss National Bank

Abstract: In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors and dispersion.

Keywords: Central bank transparency; central bank communication; central bank independence; inflation targeting; forward guidance; macroeconomic forecasts; financial forecasts; panel data models with truncated data (search for similar items in EconPapers)
JEL-codes: C23 C53 D8 E37 E58 (search for similar items in EconPapers)
Pages: 60 pages
Date: 2017
New Economics Papers: this item is included in nep-cba, nep-for, nep-mac and nep-mon
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Citations: View citations in EconPapers (16)

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Related works:
Journal Article: Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts? (2020)
Working Paper: Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts? (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:snb:snbwpa:2017-12

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