Monetary mystique: Secrecy and central banking
AbstractThe paper contains a theoretical discussion of the role of secrecy in the implementation of monetary policy. It documents the Federal Reserve's defense of secrecy as argued in a recent Freedom of Information Act suit. The Federal Reserve's arguments are evaluated on the basis of economic theory. Theoretical papers related to the secrecy issue are reviewed. The discussion highlights a number of potential benefits and costs of central banking secrecy, and identifies some conditions under which secrecy could be socially beneficial.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Monetary Economics.
Volume (Year): 17 (1986)
Issue (Month): 1 (January)
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Web page: http://www.elsevier.com/locate/inca/505566
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- Cukierman, Alex & Meltzer, Allan H, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, Econometric Society, vol. 54(5), pages 1099-1128, September.
- Cornell, Bradford, 1983. "The Money Supply Announcements Puzzle: Review and Interpretation," American Economic Review, American Economic Association, vol. 73(4), pages 644-57, September.
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- 'A Century of U.S. Central Banking: Goals, Frameworks, Accountability'
by Mark Thoma in Economist's View on 2013-07-10 13:48:26
- Here Are The Challenges For Monetary Policy Communication
by Jeremy Stein, Board Of Governors Of The Federal Reserve System in Business Insider on 2014-05-06 23:09:00
- The Mystique of the Clique
by Agent Continuum in Agent Continuum on 2010-01-11 16:56:29
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