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Writing Clearly; ECB’s Monetary Policy Communication

Martin Cihak (), Katerina Smidkova and Ales Bulir ()

No 08/252, IMF Working Papers from International Monetary Fund

Abstract: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.

Keywords: External shocks; European Central Bank; Central bank policy; Monetary policy; Communication, inflation, central bank, inflation forecasts, inflation target, (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Date: 2008-10-01
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