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Clarity of Central Bank Communication About Inflation

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  • Ales Bulir
  • David-Jan Jansen
  • Martin Cihák

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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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/9.

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Length: 24
Date of creation: 01 Jan 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/9

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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, Princeton University, Department of Economics, Center for Economic Policy Studies. 1048, Princeton University, Department of Economics, Center for Economic Policy Studies..
  2. Katerina Smídková & Viktor Kotlán & David Navrátil & Ales Bulir, 2008. "Inflation Targeting and Communication," IMF Working Papers 08/234, International Monetary Fund.
  3. Benjamin Born & Michael Ehrmann & Marcel Fratzscher, 2014. "Central Bank Communication on Financial Stability," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 124(577), pages 701-734, 06.
  4. 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.
  5. Michael Woodford, 2005. "Central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Aug, pages 399-474.
  6. 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," NBER Working Papers 13932, National Bureau of Economic Research, Inc.
  7. Ales Bulir & David-Jan Jansen & Martin Cihák, 2012. "Clarity of Central Bank Communication About Inflation," IMF Working Papers 12/9, International Monetary Fund.
  8. Tiff Macklem, 2005. "Commentary : central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Aug, pages 475-494.
  9. Eijffinger, S.C.W. & Geraats, P., 2002. "How Transparent are Central Banks?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-88701, Tilburg University.
  10. Jansen, David-Jan, 2011. "Mumbling with great incoherence: Was it really so difficult to understand Alan Greenspan?," Economics Letters, Elsevier, Elsevier, vol. 113(1), pages 70-72, October.
  11. Petra Gerlach-Kristen, 2004. "Is the MPC's Voting Record Informative about Future UK Monetary Policy?," Scandinavian Journal of Economics, Wiley Blackwell, 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, Federal Reserve Bank of Kansas City, issue Aug, pages 495-505.
  13. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1521-1534, December.
  14. Martin Cihák & Katerina Smídková & Ales Bulir, 2008. "Writing Clearly," IMF Working Papers 08/252, International Monetary Fund.
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Cited by:
  1. Ales Bul�r & Martin Cih�k & David-Jan Jansen, 2011. "Clarity of Central Bank Communication About Inflation," DNB Working Papers, Netherlands Central Bank, Research Department 333, Netherlands Central Bank, Research Department.
  2. 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," DNB Working Papers, Netherlands Central Bank, Research Department 170, Netherlands Central Bank, Research Department.

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