Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB
Volume/Issue:
Volume 2008
Issue 084
Publication date: April 2008
ISBN: 9781451869453
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Topics covered in this book
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Business and Economics , Banks and Banking , Inflation , Money and Monetary Policy , Public Finance , WP , inflation report , monetary policy meeting , communication tool , CNB monetary policy , inflation target , inflation-targeting central bank
Summary
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.
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