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

Katerina Smidkova and Aleš Bulíø ()
Additional contact information
Aleš Bulíø: International Monetary Fund, http://www.imf.org

Authors registered in the RePEc Author Service: Ales Bulir ()

Czech Journal of Economics and Finance (Finance a uver), 2007, vol. 57, issue 11-12, 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.

Keywords: transparency; communication; monetary policy; Czech National Bank (search for similar items in EconPapers)
JEL-codes: E31 E43 E47 E58 (search for similar items in EconPapers)
Date: 2007
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Working Paper: Striving to Be “Clearly Open” and “Crystal Clear”; Monetary Policy Communication of the CNB (2008) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:fau:fauart:v:57:y:2007:i:11-12:p:540-557

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