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

Thomas Lustenberger and Enzo Rossi
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Enzo Rossi: Swiss National Bank and University of Zurich

International Journal of Central Banking, 2020, vol. 16, issue 2, 153-201

Abstract: In a large sample of countries across different geographic regions and over a long period of time, we find limited countryand 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.

JEL-codes: C23 C53 E37 E58 D8 (search for similar items in EconPapers)
Date: 2020
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Related works:
Working Paper: Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts? (2018) Downloads
Working Paper: Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts? (2017) Downloads
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