LEADER 05985oam 22012374 450 001 9910788342603321 005 20230721045643.0 010 $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(IMF)WPIEE2008252 035 $a(EXLCZ)993170000000055146 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWriting Clearly : $eECB?s Monetary Policy Communication /$fMartin Cihak, Katerina Smídková, Ales Bulir 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aThe paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/252 606 $aBanks and banking, Central$zEurope$xEconometric models 606 $aCommunication$zEurope$xEconometric models 606 $aMonetary policy$zEurope$xEconometric models 606 $aBanks and Banking$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aForecasting$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy$2imf 606 $aForecasting and Other Model Applications$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aPublic finance & taxation$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aEconomic Forecasting$2imf 606 $aBanking$2imf 606 $aCommunications in revenue administration$2imf 606 $aInflation targeting$2imf 606 $aEconomic forecasting$2imf 606 $aCentral bank policy rate$2imf 606 $aRevenue$2imf 606 $aPrices$2imf 606 $aMonetary policy$2imf 606 $aInterest rates$2imf 607 $aCzech Republic$2imf 615 0$aBanks and banking, Central$xEconometric models. 615 0$aCommunication$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 7$aBanks and Banking 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aForecasting 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy 615 7$aForecasting and Other Model Applications 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aPublic finance & taxation 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aEconomic Forecasting 615 7$aBanking 615 7$aCommunications in revenue administration 615 7$aInflation targeting 615 7$aEconomic forecasting 615 7$aCentral bank policy rate 615 7$aRevenue 615 7$aPrices 615 7$aMonetary policy 615 7$aInterest rates 676 $a332.11094 700 $aCihak$b Martin$01106217 701 $aSmídková$b Katerina$0862709 701 $aBulir$b Ales$0862712 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788342603321 996 $aWriting Clearly$93716477 997 $aUNINA