05589oam 22011894 450 991078910010332120200520144314.01-4623-1744-81-4527-3696-01-282-84185-897866128418591-4518-7092-2(CKB)3390000000010488(EBL)1608034(MiAaPQ)EBC1608034(Au-PeEL)EBL1608034(CaPaEBR)ebr10368910(OCoLC)870245312(IMF)WPIEE2008234(EXLCZ)99339000000001048820020129d2008 uf 0engur|n|---|||||rdacontentrdamediardacarrierInflation Targeting and Communication : It Pays Off to Read Inflation Reports /Katerina Smídková, Viktor Kotlán, David Navrátil, Ales BulirWashington, D.C. :International Monetary Fund,2008.1 online resource (44 p.)IMF Working PapersIMF working paper ;WP/08/234Description based upon print version of record.Includes bibliographical references.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 Republic, Hungary, Poland, Thailand, and Sweden.IMF Working Papers; Working Paper ;No. 2008/234Inflation (Finance)ForecastingEconometric modelsMonetary policyEconometric modelsBanks and banking, CentralEconometric modelsBanks and BankingimfInflationimfMoney and Monetary PolicyimfPublic FinanceimfForecastingimfPrice LevelimfDeflationimfMonetary PolicyimfForecasting and Other Model ApplicationsimfInterest Rates: Determination, Term Structure, and EffectsimfTaxation, Subsidies, and Revenue: GeneralimfMacroeconomicsimfMonetary economicsimfEconomic ForecastingimfBankingimfPublic finance & taxationimfInflation targetingimfEconomic forecastingimfCentral bank policy rateimfCommunications in revenue administrationimfPricesimfMonetary policyimfInterest ratesimfRevenueimfPoland, Republic ofimfInflation (Finance)ForecastingEconometric models.Monetary policyEconometric models.Banks and banking, CentralEconometric models.Banks and BankingInflationMoney and Monetary PolicyPublic FinanceForecastingPrice LevelDeflationMonetary PolicyForecasting and Other Model ApplicationsInterest Rates: Determination, Term Structure, and EffectsTaxation, Subsidies, and Revenue: GeneralMacroeconomicsMonetary economicsEconomic ForecastingBankingPublic finance & taxationInflation targetingEconomic forecastingCentral bank policy rateCommunications in revenue administrationPricesMonetary policyInterest ratesRevenue332.11Smídková Katerina862709Kotlán Viktor1550005Navrátil David1550006Bulir Ales862712DcWaIMFBOOK9910789100103321Inflation Targeting and Communication3808462UNINA