Description |
1 online resource (29 pages) : color illustrations |
Series |
IMF working paper ; WP/14/175 |
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IMF working paper ; WP/14/175.
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Contents |
Cover Page; Title Page; Copyright Page; 1 Introduction; 2 Methodology and data sources; 3 Data description; 4 Estimation results; 5 Conclusions; References; Footnotes |
Summary |
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability measure. We find some evidence, mainly for the euro area, of a negative relationship between clarity and market volatility prior to and during the early stage of the global financial crisis. As the crisis unfolded, there is no longer robust evidence of a negative connection. We conclude that reducing noise using clear reports is possible but not without challenges, especially in times of crisis.--Abstract |
Notes |
"September 2014." |
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"Institute for Capacity Development." |
Bibliography |
Includes bibliographical references (pages 17-22) |
Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed September 30, 2014) |
Subject |
Banks and banking, Central -- Econometric models
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Capital market -- Econometric models
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Banks and banking, Central -- Econometric models
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Capital market -- Econometric models
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Form |
Electronic book
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Author |
Čihák, Martin, author.
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Jansen, David-Jan, author.
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International Monetary Fund. Institute for Capacity Development, issuing body.
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ISBN |
9781484380406 |
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1484380401 |
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