What Do Central Banks Know about Inflation Factors?

被引：0
作者：
Aleš Bulíř
Jaromír Hurník
Kateřina Šmídková
机构：
[1] International Monetary Fund,
[2] Czech National Bank,undefined
[3] Charles University,undefined
来源：
Open Economies Review | 2016年 / 27卷
关键词：
Inflation targeting; Kalman filter; Monetary policy communication; E17; E31; E32; E37;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We offer a novel methodology for assessing the quality of central bank monetary policy reports. We evaluate their economic content by comparing verbally reported inflation factors with factors identified from a simple new Keynesian model. Positive correlations indicate that the reported inflation factors were similar to the model-identified ones, marking high-quality inflation reports. Although sample bank reports on average identified inflation factors correctly, the degree of forward-looking reporting varied.
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页码：795 / 810
页数：15
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