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Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts?

Thomas Lustenberger and Enzo Rossi ()

No 2017-12, Working Papers from Swiss National Bank

Abstract: In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors and dispersion.

Keywords: Central bank transparency; central bank communication; central bank independence; inflation targeting; forward guidance; macroeconomic forecasts; financial forecasts; panel data models with truncated data (search for similar items in EconPapers)
JEL-codes: C23 C53 E37 E58 D8 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-for, nep-mac and nep-mon
Date: 2017
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Working Paper: Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts? (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:snb:snbwpa:2017-12

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