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Striving to Be “Clearly Open” and “Crystal Clear”; Monetary Policy Communication of the CNB

Ales Bulir () and Katerina Smidkova

No 08/84, IMF Working Papers from International Monetary Fund

Abstract: The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. Using a simple forward-looking policy rule, we find that its main communication tools-inflation targets, inflation forecasts, verbal assessments of the inflation risks contained in quarterly inflation reports, and the voting within the CNB Board-provided a clear message in about three out of every four observations in our 2001- 2005 sample.

Keywords: Central banks; Central banks and their policies; Czech Republic; Inflation targeting; Inflation; Monetary policy; Transparency; communication, Czech National Bank, central bank, national bank, Money and Interest Rates: Forecasting and Simulation, (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2008-04-01
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Journal Article: Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB (2007) Downloads
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