What Do Central Banks Know about Inflation Factors?

Autor:	Bulíř, Aleš, Hurník, Jaromír, Šmídková, Kateřina
Předmět:	CENTRAL banking industry PRICE inflation ECONOMIC impact MONETARY policy KEYNESIAN economics KALMAN filtering
Zdroj:	Open Economies Review; Sep2016, Vol. 27 Issue 4, p795-810, 16p
Abstrakt:	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. [ABSTRACT FROM AUTHOR]
Databáze:	Complementary Index
Externí odkaz:	Zobrazit plný text záznamu Full text from SpringerLink