Download now Free registration required
The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. Using a simple forward-looking policy rule, the authors find that its main communication tools - inflation targets, inflation forecasts, verbal assessments of the inflation risks contained in quarterly inflation reports, and the voting within the CNB Board - provided a clear message in about three out of every four observations in the 2001 - 2005 sample.
- Format: PDF
- Size: 288.31 KB