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What Drives Clarity of Central Bank Communication About Inflation?

Ales Bulir (), Martin Cihak () and David-Jan Jansen

Open Economies Review, 2013, vol. 24, issue 1, 125-145

Abstract: This paper examines whether the clarity of central bank communication about inflation varies with the economic environment. Using readability statistics and content analysis, we study the clarity of communication on the inflation outlook by seven central banks across three continents during the recent decade. We uncover significant and persistent differences in clarity over time and across countries. However, identifying determinants of clarity that are robustly relevant across our sample of central banks proves elusive. Overall, our findings suggest that a single model for clarity of central bank communication is not appropriate. Rather, when studying clarity of communication, country-specific and institution-specific factors are highly relevant. Copyright Springer Science+Business Media New York (outside the USA) 2013

Keywords: Monetary policy; Communication; Inflation; Clarity; Transparency; E52; E58 (search for similar items in EconPapers)
Date: 2013
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