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

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.
Publication date: April 2008
ISBN: 9781451869453
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Inflation , Inflation , communication , Czech National Bank , central bank , national bank , Money and Interest Rates: Forecasting and Simulation

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