The Czech National Bank's monetary policy in the media
This is an analysis of the favorableness and extent of the media coverage of the Czech National Bank's (CNB) monetary policy decisions in the period of 2002–2007. An extensive set of articles published in the four most relevant Czech daily broadsheets is used along with parameters of the CNB�...
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| Veröffentlicht in: | European Journal of Political Economy 2012-09, Vol.28 (3), p.341-357 |
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| container_end_page | 357 |
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| container_issue | 3 |
| container_start_page | 341 |
| container_title | European Journal of Political Economy |
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| creator | Böhm, Jiří Král, Petr Saxa, Branislav |
| description | This is an analysis of the favorableness and extent of the media coverage of the Czech National Bank's (CNB) monetary policy decisions in the period of 2002–2007. An extensive set of articles published in the four most relevant Czech daily broadsheets is used along with parameters of the CNB's actual monetary policy decisions, related communication and variables characterizing the economic environment. The most appealing results are that those CNB decisions that surprised financial markets were not negatively perceived by the media and that interest rate changes increased both favorableness and extent of media coverage. Therefore, from the media coverage point of view, there was no need for too much smoothing when setting the interest rates.
► Surprising interest rate decision does not influence favorableness of media coverage. ► Surprising decisions lead to more extensive coverage in the media. ► Media appraise interest rate changes regardless of their direction. |
| doi_str_mv | 10.1016/j.ejpoleco.2012.01.004 |
| format | Article |
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► Surprising interest rate decision does not influence favorableness of media coverage. ► Surprising decisions lead to more extensive coverage in the media. ► Media appraise interest rate changes regardless of their direction.</description><identifier>ISSN: 0176-2680</identifier><identifier>EISSN: 1873-5703</identifier><identifier>DOI: 10.1016/j.ejpoleco.2012.01.004</identifier><language>eng</language><publisher>Elsevier B.V</publisher><subject>Capital market ; Central banks ; Communication ; Czech Republic ; Interest rates ; Media ; Monetary economics ; Monetary policy ; Press</subject><ispartof>European Journal of Political Economy, 2012-09, Vol.28 (3), p.341-357</ispartof><rights>2012 Elsevier B.V.</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c409t-ae1cceeccff03e6e150861a79812f28f0f9de6df02470ff496020a6375e08c223</citedby><cites>FETCH-LOGICAL-c409t-ae1cceeccff03e6e150861a79812f28f0f9de6df02470ff496020a6375e08c223</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/j.ejpoleco.2012.01.004$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,780,784,3548,27922,27923,45993</link.rule.ids></links><search><creatorcontrib>Böhm, Jiří</creatorcontrib><creatorcontrib>Král, Petr</creatorcontrib><creatorcontrib>Saxa, Branislav</creatorcontrib><title>The Czech National Bank's monetary policy in the media</title><title>European Journal of Political Economy</title><description>This is an analysis of the favorableness and extent of the media coverage of the Czech National Bank's (CNB) monetary policy decisions in the period of 2002–2007. An extensive set of articles published in the four most relevant Czech daily broadsheets is used along with parameters of the CNB's actual monetary policy decisions, related communication and variables characterizing the economic environment. The most appealing results are that those CNB decisions that surprised financial markets were not negatively perceived by the media and that interest rate changes increased both favorableness and extent of media coverage. Therefore, from the media coverage point of view, there was no need for too much smoothing when setting the interest rates.
► Surprising interest rate decision does not influence favorableness of media coverage. ► Surprising decisions lead to more extensive coverage in the media. ► Media appraise interest rate changes regardless of their direction.</description><subject>Capital market</subject><subject>Central banks</subject><subject>Communication</subject><subject>Czech Republic</subject><subject>Interest rates</subject><subject>Media</subject><subject>Monetary economics</subject><subject>Monetary policy</subject><subject>Press</subject><issn>0176-2680</issn><issn>1873-5703</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2012</creationdate><recordtype>article</recordtype><recordid>eNqFkD1PwzAQhi0EElXpX0DZYEk424njbEDFl1TBUmbLcs6qQxIXO0Uqvx5XhZlbbnneV3cPIZcUCgpU3HQFdlvfo_EFA8oKoAVAeUJmVNY8r2rgp2QGtBY5ExLOySLGDtKUDZMNnxGx3mC2_EazyV715Pyo--xejx9XMRv8iJMO-yz1O7PP3JhNCR6wdfqCnFndR1z87jl5f3xYL5_z1dvTy_JulZsSminXSI1BNMZa4CiQViAF1XUjKbNMWrBNi6K1wMoarC0bAQy04HWFIA1jfE6uj73b4D93GCc1uGiw7_WIfhdVciBlJRnlCRVH1AQfY0CrtsEN6f4EHTihOvXnSh1cKaAqiUjB22MQ0yNfDoOKxuFo0p8BzaRa7_6r-AHaxHQ4</recordid><startdate>20120901</startdate><enddate>20120901</enddate><creator>Böhm, Jiří</creator><creator>Král, Petr</creator><creator>Saxa, Branislav</creator><general>Elsevier B.V</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20120901</creationdate><title>The Czech National Bank's monetary policy in the media</title><author>Böhm, Jiří ; Král, Petr ; Saxa, Branislav</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c409t-ae1cceeccff03e6e150861a79812f28f0f9de6df02470ff496020a6375e08c223</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2012</creationdate><topic>Capital market</topic><topic>Central banks</topic><topic>Communication</topic><topic>Czech Republic</topic><topic>Interest rates</topic><topic>Media</topic><topic>Monetary economics</topic><topic>Monetary policy</topic><topic>Press</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Böhm, Jiří</creatorcontrib><creatorcontrib>Král, Petr</creatorcontrib><creatorcontrib>Saxa, Branislav</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>European Journal of Political Economy</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Böhm, Jiří</au><au>Král, Petr</au><au>Saxa, Branislav</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Czech National Bank's monetary policy in the media</atitle><jtitle>European Journal of Political Economy</jtitle><date>2012-09-01</date><risdate>2012</risdate><volume>28</volume><issue>3</issue><spage>341</spage><epage>357</epage><pages>341-357</pages><issn>0176-2680</issn><eissn>1873-5703</eissn><abstract>This is an analysis of the favorableness and extent of the media coverage of the Czech National Bank's (CNB) monetary policy decisions in the period of 2002–2007. An extensive set of articles published in the four most relevant Czech daily broadsheets is used along with parameters of the CNB's actual monetary policy decisions, related communication and variables characterizing the economic environment. The most appealing results are that those CNB decisions that surprised financial markets were not negatively perceived by the media and that interest rate changes increased both favorableness and extent of media coverage. Therefore, from the media coverage point of view, there was no need for too much smoothing when setting the interest rates.
► Surprising interest rate decision does not influence favorableness of media coverage. ► Surprising decisions lead to more extensive coverage in the media. ► Media appraise interest rate changes regardless of their direction.</abstract><pub>Elsevier B.V</pub><doi>10.1016/j.ejpoleco.2012.01.004</doi><tpages>17</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0176-2680 |
| ispartof | European Journal of Political Economy, 2012-09, Vol.28 (3), p.341-357 |
| issn | 0176-2680 1873-5703 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_1018858213 |
| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Capital market Central banks Communication Czech Republic Interest rates Media Monetary economics Monetary policy Press |
| title | The Czech National Bank's monetary policy in the media |
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