@article {7341,
	title = {Communicating financial stability in monetary policy reports: a text-mining experiment in postcommunist countries},
	journal = {Central European Management Journal},
	volume = {32},
	year = {2024},
	month = {04/2024},
	pages = {57-75},
	abstract = {Purpose {\textendash} Financial stability has become a focal point for central banks since the global financial crisis. However, the optimal mix between monetary and financial stability policies remains unclear. In this study, the {\textquotedblleft}soft{\textquotedblright} approach to such policy mix was tested {\textendash} how often monetary policy (in inflation reports) analyses financial stability issues. This paper aims to discuss the aforementioned objective.
Design/methodology/approach {\textendash} A total of 648 inflation reports published by 11 central banks from post-communist countries in 1998-2019 were reviewed using a text-mining method.
Findings {\textendash} Results show that financial stability topics (mainly cyclical aspects of systemic risk) on average account for only 2\%of inflation reports{\textquoteright} content. Although this share has grown somewhat since the global financial crisis (in CZ, HU and PL), it still remains at a low level. Thus, not enough evidence was found on the use of a {\textquotedblleft}soft{\textquotedblright} policy mix in post-communist countries.
Practical implications {\textendash} Given the strong interactions between price and financial stability, this paper emphasizes the need to increase the attention of monetary policymakers to financial stability issues. Originality/value {\textendash} The study combines two research areas, i.e. monetary policy and modern text mining techniques on a sample of post-communist countries, something which to the best of the authors{\textquoteright} knowledge has not been sufficiently explored in the literature before.},
	issn = {2658-0845 },
	doi = {10.1108/CEMJ-04-2022-0054}
}
