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Central Bank Communication Design and Social Welfare: An Empirical Study Based on PVAR Model
Author(s): 
Pages: 3-20
Year: Issue:  3
Journal: Nankai Economic Studies

Keyword:  Information CorrelationCentral BankCommunication DesignPublicityInflation TargetingPVAR;
Abstract: In this paper,we introduce the concept of information correlation into Lucasisland model,and argue whether central bank communication has positive effect on social welfare. We collect data of 12 inflation targeting central banks during 1998—2010 as samples,to study the dynamic effect of the publicity and accuracy of economic fundamentals information announced by central bank on social welfare using PVAR model. This paper found that:The information accuracy of economic fundamentals announced by central bank has positive effect on social welfare,while information publicity having no significant influence on social welfare. Therefore,we believe that central bank should improve the economic information accuracy,while keeping publicity degree within reasonable boundaries in communication.
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