05780oam 22012734 450 991095858110332120250426110851.0978661284185997814623174481462317448978145273696914527369609781282841857128284185897814518709231451870922(CKB)3390000000010488(EBL)1608034(Au-PeEL)EBL1608034(CaPaEBR)ebr10368910(OCoLC)870245312(IMF)WPIEE2008234(MiAaPQ)EBC1608034(IMF)WPIEA2008234WPIEA2008234(EXLCZ)99339000000001048820020129d2008 uf 0engur|n|---|||||rdacontentrdamediardacarrierInflation Targeting and Communication : It Pays Off to Read Inflation Reports /Katerina Smídková, Viktor Kotlán, David Navrátil, Ales Bulir1st ed.Washington, 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 modelsBankingimfBanks and BankingimfCentral bank policy rateimfCommunications in revenue administrationimfDeflationimfEconomic ForecastingimfEconomic forecastingimfForecasting and Other Model ApplicationsimfForecastingimfInflation targetingimfInflationimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfMacroeconomicsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMoney and Monetary PolicyimfPrice LevelimfPricesimfPublic finance & taxationimfPublic FinanceimfRevenueimfTaxation, Subsidies, and Revenue: GeneralimfPoland, Republic ofimfInflation (Finance)ForecastingEconometric models.Monetary policyEconometric models.Banks and banking, CentralEconometric models.BankingBanks and BankingCentral bank policy rateCommunications in revenue administrationDeflationEconomic ForecastingEconomic forecastingForecasting and Other Model ApplicationsForecastingInflation targetingInflationInterest ratesInterest Rates: Determination, Term Structure, and EffectsMacroeconomicsMonetary economicsMonetary PolicyMonetary policyMoney and Monetary PolicyPrice LevelPricesPublic finance & taxationPublic FinanceRevenueTaxation, Subsidies, and Revenue: General332.11Smídková Katerina862709Bulir Ales862712Kotlán Viktor1816116Navrátil David1816117DcWaIMFBOOK9910958581103321Inflation Targeting and Communication4371792UNINA