Description

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.

Taxonomy

Banks and banking , Central banks , Economic policy , Financial institutions and markets , Fiscal policy , Inflation , Monetary policy , Transparency

More publications in this series: Working Papers

More publications by: Katerina Smídková ; Ales Bulir