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- Title
What Drives Clarity of Central Bank Communication About Inflation?
- Authors
Bulíř, Aleš; Čihák, Martin; Jansen, David-Jan
- Abstract
This paper examines whether the clarity of central bank communication about inflation varies with the economic environment. Using readability statistics and content analysis, we study the clarity of communication on the inflation outlook by seven central banks across three continents during the recent decade. We uncover significant and persistent differences in clarity over time and across countries. However, identifying determinants of clarity that are robustly relevant across our sample of central banks proves elusive. Overall, our findings suggest that a single model for clarity of central bank communication is not appropriate. Rather, when studying clarity of communication, country-specific and institution-specific factors are highly relevant.
- Subjects
CENTRAL banking industry; COMMUNICATION in economics; PRICE inflation; ECONOMIC models; FINANCIAL institutions; CONTENT analysis
- Publication
Open Economies Review, 2013, Vol 24, Issue 1, p125
- ISSN
0923-7992
- Publication type
Article
- DOI
10.1007/s11079-012-9259-z