摘要：The objective of this paper is two-fold: (1) to assess the textual aspects of the Central Bank of Indonesia's monetary policy communication and (2) identify their potential relation to the inflation expectations. Using monthly policy interest rate press release announcements, we found that the text readability is relatively stable, although the text complexity is higher. However, the clarity and readability of the text are negatively correlated with the inflation expectations. Meanwhile, the tone of the text is positively associated with the inflation expectations. They suggest that the central bank should strengthen the quality of the text announced and pay more attention to the informal communication channels. The high quality and use of informal communication channels provide additional pieces of information in shaping price expectations in the future.
关键词：Central Bank Communication;Text Mining;Monetary Policy;Inflation ExpectationsJEL: E5;Monetary Policy;Central Banking;and the Supply of Money and Credit: GeneralE3;Prices;Business Fluctuations;and Cycles: General (includes Measurement and Data)
