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Clarity of Central Bank Communication About Inflation

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

DNB Working Papers from Netherlands Central Bank, Research Department

Abstract: This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010. Overall, we find no strong indications that central banks were less clear in explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis, however, did have a negative impact on clarity of central bank communication.

Keywords: monetary policy; communication; inflation; clarity; transparency (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2011-12
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Working Paper: Clarity of Central Bank Communication About Inflation (2012) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:dnb:dnbwpp:333

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