Clarity of Central Bank Communication About Inflation
Volume/Issue:
Volume 2012
Issue 009
Publication date: January 2012
ISBN: 9781463931148
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Topics covered in this book
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Banks and Banking , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , WP , inflation report , communication clarity , inflation outlook , central bank communication , monetary policy , communication , inflation , clarity , transparency , inflation factor , contemporaneous inflation gap , inflation expectation , Communications in revenue administration , Inflation targeting , Global financial crisis of 2008-2009 , Global
Summary
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.
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