02852nam 22004453u 450 991046457890332120210106231529.01-4623-1744-81-4527-3696-01-282-84185-897866128418591-4518-7092-2(CKB)3390000000010488(EBL)1608034(MiAaPQ)EBC1608034(EXLCZ)99339000000001048820140210d2008|||| u|| |engur|n|---|||||Inflation Targeting and Communication[electronic resource]Washington International Monetary Fund20081 online resource (44 p.)IMF Working PapersDescription based upon print version of record.Contents; I. Why Inflation Targeting?; Figures; 1. Inflation and Its Determinants, 2000-05; II. Inflation Targeting and Communication; A. Central Bank Communication and Inflation Forecasts; B. The Public; 2. Inflation Forecasts, Policymaking, and Communication Under Conditional; III. Methodology and Sample Selection; 3. The Public's Scrutiny of Central Bank Communication; A. Methodology; B. Sample Selection and Data; IV. Empirical Findings; Tables; 1. Inflation Targeters: Sample Characteristics; A. Summary of Results; 2. Breakdown of Communication Results, Sample Average, 2000-053. Clarity of Communication, Sample Averages, 2000-05B. "The Central Bank that Cried Wolf"; 4. Clarity of Communication, Individual Countries, 2000-05; 4. Monetary Policy Communication: 2000-05; C. Robustness Checks; 5. Clarity of Communication: Robustness Checks; V. Conclusions: Is the Glass Half Empty or Half Full?; 5. Clarity of Communication, the 2-Year Forecast Horizon, 2000-05; References; AnnexInflation-targeting central banks have a respectable track record at explaining their policy actions and corresponding inflation outturns. Using a simple forward-looking policy rule and an assessment of inflation reports, we provide a new methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools-inflation targets, inflation forecasts, and verbal assessments of inflation factors contained in quarterly inflation reports-provided a consistent message in five out of six observations in our 2000-05 sample of Chile, the Czech ReIMF Working PapersElectronic books.Smídková Katerina862709Kotlán Viktor862710Navrátil David862711Bulir Ales862712AU-PeELAU-PeELAU-PeELBOOK9910464578903321Inflation Targeting and Communication1925698UNINA