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An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank
Author:
Rania A. Al-Mashat null

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Mr. Ales Bulir
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N. Nergiz Dinçer null

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Tibor Hlédik null

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Mr. Tomás Holub null

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Asya Kostanyan null

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Mr. Douglas Laxton
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Armen Nurbekyan null

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Mr. Rafael A Portillo
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Hou Wang
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Series:
IMF Working Papers
Volume/Issue:
Volume 2018: Issue 210
Language:
English
Publication Date:
28 Sep 2018
DOI:
https://doi.org/10.5089/9781484374832.001
ISBN:
9781484374832
ISSN:
1018-5941
Pages:
71
Keywords:
monetary policy; inflation targeting; transparency; central banks; CBT-IT index; transparency index; transmission mechanism; policy message; IFT central bank; reaction function; Inflation; Central bank transparency; Central bank policy rate; Financial sector stability; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund