IS IT WORTH REVEALING MORE? CENTRAL BANKS’ TRANSPARENCY AND ITS MEASUREMENT

This paper focuses on monetary policy transparency. Central banks’ practice in the field of communication, especially while signalling their intentions, is not reflected in most known transparency measures. The following paper presents a comparison of the best-known transparency indices and offers an extension to them that focuses on the forward-lookingness of the central bank. A more elaborate approach to signalling intentions is not covered by transparency measures developed in the pre-crisis period. Thus the purpose of this paper is methodological: developing extended transparency measures. Additionally, the application of these extensions is presented. The empirical part of the research covers the Czech Republic and Poland.