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

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  • 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: 63
Date of creation: 01 Apr 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/84

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Keywords: Inflation targeting;

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References

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  1. Petra M. Geraats, 2001. "Why Adopt Transparency? The Publication of Central Bank Forecasts," Macroeconomics 0012011, EconWPA.
  2. 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.
  3. Marcel Peter & Scott Roger & Geoffrey Heenan, 2006. "Implementing Inflation Targeting: Institutional Arrangements, Target Design, and Communications," IMF Working Papers 06/278, International Monetary Fund.
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  7. Andrew G. Haldane & Nicoletta Batini, 1998. "Forward-Looking Rules for Monetary Policy," NBER Working Papers 6543, National Bureau of Economic Research, Inc.
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  9. Bernhard Winkler, 2000. "Which kind of transparency? On the need for clarity in monetary policy-making," Working Paper Series 26, European Central Bank.
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  14. Ales Bulir & Jaromir Hurník, 2006. "The Maastricht Inflation Criterion: How Unpleasant is Purgatory?," IMF Working Papers 06/154, International Monetary Fund.
  15. 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).
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Cited by:
  1. roman Horvath & Radovan Fiser, 2009. "Central Bank Communication and Exchange Rate Volatility: A GARCH Analysis," William Davidson Institute Working Papers Series wp962, William Davidson Institute at the University of Michigan.

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