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Procedural transparency in Latin American central banks under inflation targeting schemes. A text analysis of the minutes of the Boards of Directors


  • Rodrigo Taborda

    (Universidad de los Andes)


The disclosure of the minutes of the Boards of Directors of central banks (procedural transparency within the inflation targeting (IT) literature) implies the challenge of sending a clear message. Regardless of whether the document released is a brief, moderate, or highly detailed (verbatim) account of a Board's discussion, its contents often align expectations and define an effective monetary policy to curb inflation. This paper provides a quantitative perspective of procedural transparency by performing a text analysis of the minutes of Board meetings in the central banks of Brazil, Chile, Colombia, Mexico, and Peru. The study examined the lengths of the minutes, their frequent vocabulary (including its association with a predefined central-bank terminology), and their readability (through a reading ease index).

Suggested Citation

  • Rodrigo Taborda, 2015. "Procedural transparency in Latin American central banks under inflation targeting schemes. A text analysis of the minutes of the Boards of Directors," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 33(76), pages 76-92, April.
  • Handle: RePEc:bdr:ensayo:v:33:y:2015:i:76:p:76-92
    DOI: 10.1016/j.espe.2015.01.002

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    Cited by:

    1. G. C. Montes & R. T. F. Nicolay, 2017. "Does clarity of central bank communication affect credibility? Evidences considering governor-specific effects," Applied Economics, Taylor & Francis Journals, vol. 49(32), pages 3163-3180, July.
    2. David-Jan Jansen & Richhild Moessner, 2016. "Communicating dissent on monetary policy: Evidence from central bank minutes," DNB Working Papers 512, Netherlands Central Bank, Research Department.
    3. Carlos Moreno Pérez & Marco Minozzo, 2022. "Monetary Policy Uncertainty in Mexico: An Unsupervised Approach," Working Papers 2229, Banco de España.
    4. Daniela V. Guío-Martínez & Juan J. Ospina-Tejeiro & Germán A. Muñoz-Bravo & Julián A. Parra-Polanía, 2020. "Descripción de las Minutas e Informes de Política Monetaria a partir de herramientas de Lingüística Computacional," Borradores de Economia 1108, Banco de la Republica de Colombia.

    More about this item


    Central bank minutes; Brazil; Chile; Colombia; Mexico; Peru; Text analysis; Cluster analysis; Readability measures;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean


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