Does central bank transparency and communication affect financial and macroeconomic forecasts?

Thomas Lustenberger, Enzo Rossi

In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors and dispersion.

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Year of publication:	January 2018
Authors:	Lustenberger, Thomas ; Rossi, Enzo
Publisher:	Basel, Switzerland : Universität Basel, Wirtschaftswissenschaftliche Fakultät
Subject:	Central bank transparency \| central bank communication \| central bank independence \| inflation targeting \| forward guidance \| macroeconomic forecasts \| financial forecasts \| panel data models with truncated data \| Geldpolitik \| Monetary policy \| Zentralbank \| Central bank \| Prognoseverfahren \| Forecasting model \| Wirtschaftsprognose \| Economic forecast \| Politische Kommunikation \| Political communication \| Zentralbankunabhängigkeit \| Central bank independence \| Inflationssteuerung \| Inflation targeting \| Theorie \| Theory \| Wirkungsanalyse \| Impact assessment \| Panel \| Panel study \| Kommunikation \| Communication \| Schätzung \| Estimation \| Welt \| World

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Extent:	1 Online-Ressource (circa 80 Seiten) Illustrationen
Series:	WWZ working paper. - Basel : WWZ, ZDB-ID 2259197-7. - Vol. 2018, 06
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/185808 [Handle]
Classification:	C23 - Models with Panel Data ; C53 - Forecasting and Other Model Applications ; E37 - Forecasting and Simulation ; E58 - Central Banks and Their Policies ; D8 - Information and Uncertainty
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011790688