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The Czech National Bank's monetary policy in the media

  • Böhm, Jiří
  • Král, Petr
  • Saxa, Branislav

This is an analysis of the favorableness and extent of the media coverage of the Czech National Bank's (CNB) monetary policy decisions in the period of 2002–2007. An extensive set of articles published in the four most relevant Czech daily broadsheets is used along with parameters of the CNB's actual monetary policy decisions, related communication and variables characterizing the economic environment. The most appealing results are that those CNB decisions that surprised financial markets were not negatively perceived by the media and that interest rate changes increased both favorableness and extent of media coverage. Therefore, from the media coverage point of view, there was no need for too much smoothing when setting the interest rates.

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Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 28 (2012)
Issue (Month): 3 ()
Pages: 341-357

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Handle: RePEc:eee:poleco:v:28:y:2012:i:3:p:341-357
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505544

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  1. Glenn D. Rudebusch, 2005. "Monetary policy inertia: fact or fiction?," Working Paper Series 2005-19, Federal Reserve Bank of San Francisco.
  2. Donald L. Kohn & Brian P. Sack, 2003. "Central bank talk: does it matter and why?," Finance and Economics Discussion Series 2003-55, Board of Governors of the Federal Reserve System (U.S.).
  3. 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.
  4. Matthias Neuenkirch, 2010. "Managing Financial Market Expectations: The Role of Central Bank Transparency and Central Bank Communication," MAGKS Papers on Economics 201028, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  5. 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 170, Netherlands Central Bank, Research Department.
  6. Michael Ehrmann & Marcel Fratzscher, 2007. "Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 509-541, 03.
  7. Reeves, Rachel & Sawicki, Michael, 2007. "Do financial markets react to Bank of England communication?," European Journal of Political Economy, Elsevier, vol. 23(1), pages 207-227, March.
  8. Berger, Helge & Ehrmann, Michael & Fratzscher, Marcel, 2011. "Monetary Policy in the Media," CEPR Discussion Papers 8192, C.E.P.R. Discussion Papers.
  9. Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
  10. Michael Woodford, 2003. "Optimal Interest-Rate Smoothing," Review of Economic Studies, Oxford University Press, vol. 70(4), pages 861-886.
  11. Jakob Haan & Fabian Amtenbrink & Sandra Waller, 2004. "The Transparency and Credibility of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 42(4), pages 775-794, November.
  12. Jiri Bohm & Petr Kral & Branislav Saxa, 2009. "Perception is Always Right: The CNB’s Monetary Policy in the Media," Working Papers 2009/10, Czech National Bank, Research Department.
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