Transparency and Monetary Policy Effectiveness
نویسندگان
چکیده
منابع مشابه
Central Bank Transparency and Monetary Policy Effectiveness
The paper concentrates on the conditions, contingencies and determinants of central bank transparency and communication. From the state of the economy and the quality of national institutions, to the structure of monetary policy committees, the personality of the governor and the nature of the monetary policy framework - with a particular focus on the case of inflation targeting, there i...
متن کاملTransparency in Monetary Policy: A Survey
As the above quote highlights most people engaged in monetary economics claim to be in favor of central-bank transparency. So why is there such a ferocious controversy in the recent academic literature and in the newspapers about the transparency of monetary policy? In fact, almost no one involved in the political discussion about the transparency of the European Central Bank (ECB) actually den...
متن کاملA Perspective on Monetary Policy Transparency and Communication
The subject of central bank communication has received growing attention in recent years, at the same time as central banks themselves have increased their efforts at communicating with the public. One reason for these trends has been the strengthening of central bank independence, which has brought with it a corresponding focus on public accountability. Another factor has been an increasing re...
متن کاملTransparency in Monetary Policy, Signaling, and Heterogeneous Information
We examine the welfare implications of two types of central-bank transparency: the publication of the information underlying the central bank’s decision (decision transparency) and the release of the information that the central bank observes afterwards (postdecision transparency). Decision transparency does not make the public better informed in equilibrium. Even so, it may be socially desirab...
متن کاملOptimal Monetary Policy and Transparency under Informational Frictions∗
This paper studies optimal monetary policy and central bank transparency in an economy where firms set prices under informational frictions. The economy is subject to two types of shocks which determine the efficient level of output and the firms’ desired mark-up. To minimize the welfare-reducing output gap and price dispersion among the firms, the central bank controls the firms’ incentives an...
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ژورنال
عنوان ژورنال: Annals of Economics and Statistics
سال: 2011
ISSN: 2115-4430
DOI: 10.2307/41615498