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Clarity of Central Bank Communication About Inflation

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  • Ales Bul�r
  • Martin Cih�k
  • David-Jan Jansen

Abstract

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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File URL: http://www.dnb.nl/en/binaries/Working%20Paper%20333_tcm47-265303.pdf
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Bibliographic Info

Paper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 333.

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Date of creation: Dec 2011
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Handle: RePEc:dnb:dnbwpp:333

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Keywords: monetary policy; communication; inflation; clarity; transparency;

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References

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  1. Alan S. Blinder, 2008. "Talking about Monetary Policy: The Virtues (and Vices?) of Central Bank Communication," Working Papers 1048, Princeton University, Department of Economics, Center for Economic Policy Studies..
  2. Martin Cihák & Katerina Smídková & Ales Bulir, 2008. "Writing Clearly: ECB’s Monetary Policy Communication," IMF Working Papers 08/252, International Monetary Fund.
  3. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Working Papers 1038, Princeton University, Department of Economics, Center for Economic Policy Studies..
  4. Michael Woodford, 2005. "Central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 399-474.
  5. Eijffinger, S.C.W. & Geraats, P., 2006. "How transparent are central banks?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-172467, Tilburg University.
  6. Ales Bulir & David-Jan Jansen & Martin Cihák, 2012. "Clarity of Central Bank Communication About Inflation," IMF Working Papers 12/9, International Monetary Fund.
  7. Benjamin Born & Michael Ehrmann & Marcel Fratzscher, 2011. "Central bank communication on financial stability," National Bank of Poland Working Papers 93, National Bank of Poland, Economic Institute.
  8. Jansen, David-Jan, 2011. "Mumbling with great incoherence: Was it really so difficult to understand Alan Greenspan?," Economics Letters, Elsevier, vol. 113(1), pages 70-72, October.
  9. Sònia Muñoz & Samir Jahjah & Martin Cihák & Sharika Teh Sharifuddin & Kalin Tintchev, 2012. "Financial Stability Reports:What Are They Good For?," IMF Working Papers 12/1, International Monetary Fund.
  10. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
  11. Petra Gerlach-Kristen, 2004. "Is the MPC's Voting Record Informative about Future UK Monetary Policy?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 299-313, 06.
  12. Malcolm D. Knight & Chair, 2005. "General discussion : central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 495-505.
  13. Katerina Smídková & Viktor Kotlán & David Navrátil & Ales Bulir, 2008. "Inflation Targeting and Communication: It Pays Off to Read Inflation Reports," IMF Working Papers 08/234, International Monetary Fund.
  14. Tiff Macklem, 2005. "Commentary : central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 475-494.
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Cited by:
  1. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Working Papers 1038, Princeton University, Department of Economics, Center for Economic Policy Studies..
  2. Ales Bulir & David-Jan Jansen & Martin Cihák, 2012. "Clarity of Central Bank Communication About Inflation," IMF Working Papers 12/9, International Monetary Fund.

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