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Writing Clearly: ECB's Monetary Policy Communication

Writing Clearly: ECB's Monetary Policy Communication by Martin Cihák
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The 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.
International Monetary Fund; October 2008
34 pages; ISBN 9781452714769
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Title: Writing Clearly: ECB's Monetary Policy Communication
Author: Martin Cihák; Katerina Smídková; Ales Bulir