In this study, the author aims to answer the question of whether narrative gaps in the central bank's short-term communications can influence the magnitude of errors made by professional analysts regarding key economic variables and the key interest rate. To achieve this, tasks such as assessing the dynamics of forecasting errors by professional analysts; calculating the magnitude of narrative gaps in the central bank's short-term communications; analyzing the presence of statistically significant correlations between the average magnitude of forecasting errors by professional analysts and narrative gaps, as well as developing recommendations for improving short-term communication for central banks, are addressed. The work is focused on taking into account the peculiarities of narrative gaps in the short-term communication of the central bank when establishing policies for predictability and clarity of decisions in the area of monetary policy. For this purpose, methods of metric analysis of text arrays based on central bank press releases and materials from consulting firms, independent research institutes, and investment funds were used, as well as methods for measuring professional analysts' errors, measuring the readability of published materials, and statistical methods for establishing significant relationships between variables. From January 2021 to December 2025, narrative gaps in the short-term communication of the Central Bank of Chile were identified, and a statistically significant relationship was determined between narrative gaps according to specific metrics and the magnitudes of analysts' errors in forecasting key economic variables. Furthermore, the study notes that the reduction in the frequency of Central Bank of Chile press releases, following a decrease in the number of board meetings within the calendar year, did not have a significant impact on the average magnitude of professional analysts' errors regarding the key interest rate. This may be explained by a noticeable increase in the volume of press releases published on the official website. It was also found that the largest average error in analysts' forecasts occurs under conditions of active tightening or loosening of monetary policy while maintaining a consistent communication policy.
Georgii Aleksandrovich Ivannikov (Sun,) studied this question.