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Perception is Always Right: The CNB’s Monetary Policy in the Media

Jiri Bohm, Petr Král and Branislav Saxa ()

Working Papers from Czech National Bank

Abstract: In this paper we analyze the favorableness and extent of the media coverage of the CNB’s monetary policy decisions in the period of 2002–-2007. We identify the factors explaining the variance in these two dimensions using an extensive set of articles published in the four most relevant Czech daily broadsheets immediately after monetary policy meetings. We take account of parameters of the CNB’s actual monetary policy decisions and related communication as well as variables characterizing the general economic environment that prevailed at the times of the individual meetings. The most appealing results are that those CNB’s decisions that surprise financial markets are − if needed − not negatively perceived by the media and that the media welcomes interest rate changes. Therefore, from the media coverage point of view, there is no need for too much smoothing. Simultaneously, our analyses shed some light on how the media tends to report on (economic) events in general.

Keywords: Communication; media; monetary policy; newspapers. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2009-12
New Economics Papers: this item is included in nep-cba, nep-cul, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:cnb:wpaper:2009/10

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