LEADER 04113nam 2200709 450 001 9910464259403321 005 20170821160717.0 010 $a1-4623-9110-9 010 $a1-4527-1476-2 010 $a1-4518-7110-4 010 $a1-282-84203-X 010 $a9786612842030 035 $a(CKB)3170000000055146 035 $a(EBL)1608071 035 $a(SSID)ssj0001489052 035 $a(PQKBManifestationID)11801875 035 $a(PQKBTitleCode)TC0001489052 035 $a(PQKBWorkID)11452303 035 $a(PQKB)10435507 035 $a(OCoLC)460637380 035 $a(MiAaPQ)EBC1608071 035 $a(EXLCZ)993170000000055146 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWriting clearly $eECB's monetary policy communication /$fAles Bulir?, Martin C?iha?k, and Kater?ina Smidkova? ; authorized for distribution by Enrica Detragiache and Luc Everaert 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/252 300 $aDescription based upon print version of record. 311 $a1-4519-1563-2 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Motivation and Literature Overview; A. Communicating Clearly; B. Literature on Monetary Policy Communication; III. Methodology and Data; A. Methodology ("Central Bank Watching for Dummies"); Tables; 1. Slope Coefficient in a Regression of Actual and Forecasted Policy Rate Changes; Figures; 1. Correlation of Actual and Forecasted Policy Rate Changes; 2. GARCH Estimate of the Policy Rule for the ECB; 3. Parameterization Overview; B. Data; 2. Euro Area: Actual Inflation, Inflation Targets, and Inflation Expectations 327 $a4. Inflation Factors and Their Serial Correlation5. Comparison with the KOF MPC Index; C. ECB Watching; 3. ECB Bulletins: Inflation Factors; 4. ECB: Central Bank Watching; IV. Results; A. Press Statements Only; B. Monthly Bulletins: Shock Descriptions; 5. Press Statements Only; C. Monthly Bulletins: Shock Descriptions and Forecast Risk Assessment; 6. ECB Bulletin, Shock Description, but No Forecast Risk Assessment; D. Monthly Bulletins: Adding Monetary Pillar Information; 7. ECB Bulletin, All Shocks; E. Summary Discussion: When Could the Public Get Confused?; 8. Monetary Pillar 327 $a9. Confusing Communication: Robustness ChecksF. Comparison with Other Studies; V. Conclusions; References 330 $aThe paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information o 410 0$aIMF Working Papers 606 $aBanks and banking, Central$zEurope$xEconometric models 606 $aCommunication$zEurope$xEconometric models 606 $aMonetary policy$zEurope$xEconometric models 608 $aElectronic books. 615 0$aBanks and banking, Central$xEconometric models. 615 0$aCommunication$xEconometric models. 615 0$aMonetary policy$xEconometric models. 676 $a332.11094 700 $aBulir?$b Ales?$0862712 701 $aC?iha?k$b Martin$0873075 701 $aS?mi?dkova?$b Kater?ina$0862709 701 $aDetragiache$b Enrica$0120810 701 $aEveraert$b Luc$0971076 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464259403321 996 $aWriting clearly$92253331 997 $aUNINA