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Striving to Be "Clearly Open" and "Crystal Clear": Monetary Policy Communication of the CNB

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Author Info
Katerina Smídková
Ales Bulir

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

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Length: 22 pages
Date of creation: 04 Apr 2008
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Handle: RePEc:imf:imfwpa:08/84

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  2. Rozkrut, Marek & Rybinski, Krzysztof & Sztaba, Lucyna & Szwaja, Radoslaw, 2007. "Quest for central bank communication: Does it pay to be "talkative"?," European Journal of Political Economy, Elsevier, vol. 23(1), pages 176-206, March. [Downloadable!] (restricted)
  3. Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006. "How transparent are central banks?," European Journal of Political Economy, Elsevier, vol. 22(1), pages 1-21, March. [Downloadable!] (restricted)
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  4. Bernanke, Ben S & Woodford, Michael, 1997. "Inflation Forecasts and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 653-84, November.
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  5. Mariusz Jarmuzek & Lucjan T. Orlowski & Artur Radziwill, 2005. "Monetary Policy Transparency in the Inflation Targeting," Macroeconomics 0502025, EconWPA. [Downloadable!]
  6. 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. [Downloadable!]
  7. Marcel Peter & Geoffrey Heenan & Scott Roger, 2006. "Implementing Inflation Targeting: Institutional Arrangements, Target Design, and Communications," IMF Working Papers 06/278, International Monetary Fund. [Downloadable!]
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  9. Michael Woodford, 2005. "Central-bank communication and policy effectiveness," Discussion Papers 0506-07, Columbia University, Department of Economics. [Downloadable!]
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  10. Andrew G. Haldane & Nicoletta Batini, 1998. "Forward-Looking Rules for Monetary Policy," NBER Working Papers 6543, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Jaromír Hurník & Ales Bulir, 2006. "The Maastricht Inflation Criterion: How Unpleasant is Purgatory?," IMF Working Papers 06/154, International Monetary Fund. [Downloadable!]
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  12. Viktor Kotlan & David Navratil, 2003. "Inflation Targeting as a Stabilisation Tool: Its Design and Performance in the Czech Republic," Macroeconomics 0310006, EconWPA. [Downloadable!]
  13. 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). [Downloadable!] (restricted)
  14. Q. Farooq Akram & Yakov Ben-Haim & Øyvind Eitrheim, 2006. "Managing uncertainty through robust-satisficing monetary policy," Working Paper 2006/10, Norges Bank. [Downloadable!]
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  16. Bernhard Winkler, 2000. "Which kind of transparency? On the need for clarity in monetary policy-making," Working Paper Series 26, European Central Bank. [Downloadable!]
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  18. Martin Fukac, 2006. "New Keynesian Model Dynamics under Heterogeneous Expectations and Adaptive Learning," Working Papers 2006/5, Czech National Bank, Research Department. [Downloadable!]
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