Vliv komunikace centrálních bank na inflační očekávání

Abstract

Central banks have increased their transparency of monetary policy decisions and at the same time increased their emphasis on the communication of individual decisions. This increase is not only to communicate individual statements, but also to try to influence expectations in the economy. Based on a search of the empirical literature, which is still developing, we examine the impact of communication on inflation expectations. We begin by reviewing the basic theories on the topic in order to understand the subsequent relationship between communication and inflation expectations. We then analyzed individual studies to show the difference in the impact of communication on professionals and the schema_dspacedb. Overall, the search shows that the individual estimates of the impact of communication confirm the effect on inflation expectations, but there are differences in both the already mentioned impacts on economic agents and the individual information that the central bank can communicate. Thus, we can say that effective central bank communication can help to make the economic environment more predictable and stable by influencing inflation expectations, but there are several hurdles that the central bank still has to overcome.