Should the public read inflation reports?
A new paper published by the Czech National Bank offers a way to evaluate consistency in central bank communication.
The authors find that 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 a sample of Chile, the Czech Republic, Hungary, Poland, Thailand and Sweden for 2000-05.
To read the paper, click here.
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