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Transparency analysis in the function of central bank objective

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  • Novak Kondić

    ()
    (Professor Dean of the Economics Faculty in Banjaluka, Republic of Srpska, Bosnia and Herzegovina)

  • Borivoje D. Krušković

    ()
    (Assistant Professor Economics Faculty in Banjaluka, Republic of Srpska, Bosnia and Herzegovina)

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    Abstract

    During the late 1980s and early 1990s there was an interest in the academics literature in the role of transparency in monetary policy-making, which partly reflects the increased attention central banks devoted to communication issues in monetary policy practice. Most commonly, transparency implies the absence of asymmetrical information between financial markets and monetary policy makers. With respect to central bank, transparency requirement applies in the first instance to minimizing uncertainty associated with its monetary policy. An increase in transparency has been greatly influenced by the practice of publishing the inflation report, which is especially common in countries that accepted inflation targeting as their monetary strategy.

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    Bibliographic Info

    Article provided by Central bank of Montenegro in its journal Journal of Central banking Theory and Practice.

    Volume (Year): 1 (2012)
    Issue (Month): 1 ()
    Pages: 77-90

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    Handle: RePEc:cbk:journl:v:1:y:2012:i:1:p:77-90

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    Related research

    Keywords: monetary policy; inflation report; central bank; inflation; inflation targeting; interest rate;

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    1. Demertzis, Maria & Hughes Hallett, Andrew, 2002. "Central Bank Transparency in Theory and Practice," CEPR Discussion Papers 3639, C.E.P.R. Discussion Papers.
    2. Winkler, Bernhard, 2000. "Which kind of transparency? On the need for clarity in monetary policy-making," Working Paper Series 0026, European Central Bank.
    3. Alex Cukierman & Stefan Gerlach, 2003. "The inflation bias revisited: theory and some international evidence," Manchester School, University of Manchester, vol. 71(5), pages 541-565, 09.
    4. Seth B. Carpenter, 2004. "Transparency and monetary policy: what does the academic literature tell policymakers?," Finance and Economics Discussion Series 2004-35, Board of Governors of the Federal Reserve System (U.S.).
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