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Striving to Be "Clearly Open" and "Crystal Clear"

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Author Info

  • Ales Bulir
  • Katerina Smídková

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/84.

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Length: 22
Date of creation: 01 Apr 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/84

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Related research

Keywords: Inflation targeting; inflation; monetary policy; central bank; national bank; inflation target; inflation forecasts; monetary stance; inflation aversion; monetary fund; monetary policy transparency; macroeconomic performance; monetary transmission; monetary policy decisions; monetary policy strategy; lower inflation; inflation targeting framework; inflation-targeting; price level; monetary decision;

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References

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  1. Nicoletta Batini & Andrew G Haldane, 1999. "Forward-looking rules for monetary policy," Bank of England working papers 91, Bank of England.
  2. Georgios Chortareas & David Stasavage & Gabriel Sterne, 2001. "Does it pay to be transparent? International evidence from central bank forecasts," Bank of England working papers 143, Bank of England.
  3. Ben S. Bernanke & Michael Woodford, 1997. "Inflation forecasts and monetary policy," Proceedings, Federal Reserve Bank of Cleveland, pages 653-686.
  4. Marcel Peter & Scott Roger & Geoffrey Heenan, 2006. "Implementing Inflation Targeting," IMF Working Papers 06/278, International Monetary Fund.
  5. Jan Filacek & Luboš Komárek & Petr Král, 2007. "Why Central Bankers Should Disclose: Interest Rate Forecast," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(11-12), pages 558-576, December.
  6. Ales Bulir & Jaromír Hurník, 2006. "The Maastricht Inflation Criterion," IMF Working Papers 06/154, International Monetary Fund.
  7. Viktor Kotlán & David Navrátil, 2003. "Inflation Targeting as a Stabilization Tool: Its Design and Performance in the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 53(5-6), pages 220-242, May.
  8. Eijffinger, S.C.W. & Geraats, P.M., 2004. "How Transparent Are Central Banks?," Cambridge Working Papers in Economics 0411, Faculty of Economics, University of Cambridge.
  9. Geraats, P.M., 2001. "Why Adopt Transparency? The Publication of Central Bank Forecasts," Papers 41, Quebec a Montreal - Recherche en gestion.
  10. Lavan Mahadeva & Katerina Smidkova, 2003. "What is the Appropriate Rate of Disinflation to Be Targeted in the Czech Economy?," Macroeconomics 0303015, EconWPA.
  11. Martin Fukac, 2006. "New Keynesian Model Dynamics under Heterogeneous Expectations and Adaptive Learning," Working Papers 2006/5, Czech National Bank, Research Department.
  12. Lavan Mahadeva & Kateřina Šmídková, 2001. "What is the optimal rate of disinflation to be targeted in the czech economy?," Prague Economic Papers, University of Economics, Prague, vol. 2001(2).
  13. Q. Farooq Akram & Yakov Ben-Haim & Øyvind Eitrheim, 2006. "Managing uncertainty through robust-satisficing monetary policy," Working Paper 2006/10, Norges Bank.
  14. Winkler, Bernhard, 2000. "Which kind of transparency? On the need for clarity in monetary policy-making," Working Paper Series 0026, European Central Bank.
  15. Bulir, Ales & Hurnik, Jaromir, 2006. "The Maastricht inflation criterion: How unpleasant is purgatory?," Economic Systems, Elsevier, vol. 30(4), pages 385-404, December.
  16. Mikael Apel & Anders Vredin, 2007. "Monetary-Policy Communication: The Experience of the Swedish Riksbank," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(11-12), pages 499-520, December.
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Cited by:
  1. Radovan Fiser & Roman Horvath, 2010. "Central bank communication and exchange rate volatility: a GARCH analysis," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 3(1), pages 25-31.

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