LEADER 05609oam 22012014 450 001 9910821636703321 005 20240402050700.0 010 $a1-4623-1744-8 010 $a1-4527-3696-0 010 $a1-282-84185-8 010 $a9786612841859 010 $a1-4518-7092-2 035 $a(CKB)3390000000010488 035 $a(EBL)1608034 035 $a(Au-PeEL)EBL1608034 035 $a(CaPaEBR)ebr10368910 035 $a(OCoLC)870245312 035 $a(IMF)WPIEE2008234 035 $a(MiAaPQ)EBC1608034 035 $a(EXLCZ)993390000000010488 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aInflation Targeting and Communication : $eIt Pays Off to Read Inflation Reports /$fKaterina Smídková, Viktor Kotlán, David Navrátil, Ales Bulir 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (44 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/234 300 $aDescription based upon print version of record. 320 $aIncludes bibliographical references. 327 $aContents; 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, 2000-05 327 $a3. 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; Annex 330 3 $aInflation-targeting central banks have a respectable track record at explaining their policy actions and corresponding inflation outturns. Using a simple forward-looking policy rule and an assessment of inflation reports, we provide a new methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools-inflation targets, inflation forecasts, and verbal assessments of inflation factors contained in quarterly inflation reports-provided a consistent message in five out of six observations in our 2000-05 sample of Chile, the Czech Republic, Hungary, Poland, Thailand, and Sweden. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/234 606 $aInflation (Finance)$xForecasting$xEconometric models 606 $aMonetary policy$xEconometric models 606 $aBanks and banking, Central$xEconometric models 606 $aBanks and Banking$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aForecasting$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 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aEconomic Forecasting$2imf 606 $aBanking$2imf 606 $aPublic finance & taxation$2imf 606 $aInflation targeting$2imf 606 $aEconomic forecasting$2imf 606 $aCentral bank policy rate$2imf 606 $aCommunications in revenue administration$2imf 606 $aPrices$2imf 606 $aMonetary policy$2imf 606 $aInterest rates$2imf 606 $aRevenue$2imf 607 $aPoland, Republic of$2imf 615 0$aInflation (Finance)$xForecasting$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 0$aBanks and banking, Central$xEconometric models. 615 7$aBanks and Banking 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aForecasting 615 7$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$aTaxation, Subsidies, and Revenue: General 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aEconomic Forecasting 615 7$aBanking 615 7$aPublic finance & taxation 615 7$aInflation targeting 615 7$aEconomic forecasting 615 7$aCentral bank policy rate 615 7$aCommunications in revenue administration 615 7$aPrices 615 7$aMonetary policy 615 7$aInterest rates 615 7$aRevenue 676 $a332.11 700 $aSmídková$b Katerina$0862709 701 $aKotlán$b Viktor$01697957 701 $aNavrátil$b David$01697958 701 $aBulir$b Ales$0862712 801 0$bDcWaIMF 906 $aBOOK 912 $a9910821636703321 996 $aInflation Targeting and Communication$94079050 997 $aUNINA