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

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:	2018
Authors:	Lustenberger, Thomas ; Rossi, Enzo
Publisher:	Basel : University of Basel, Center of Business and Economics (WWZ)
Subject:	central bank transparency \| central bank communication \| central bank independence \| inflation targeting \| forward guidance \| macroeconomic forecasts \| financial forecasts \| panel data models with truncated data

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Series:	WWZ Working Paper ; 2018/06
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	10.5451/unibas-ep61496 [DOI] 1013879694 [GVK] hdl:10419/185808 [Handle] RePEc:bsl:wpaper:2018/06 [RePEc]
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:	EconStor

Persistent link: https://www.econbiz.de/10011933021