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Monetary mystique: Secrecy and central banking

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  • Goodfriend, Marvin

Abstract

The 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 Info

Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 17 (1986)
Issue (Month): 1 (January)
Pages: 63-92

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Handle: RePEc:eee:moneco:v:17:y:1986:i:1:p:63-92

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Web page: http://www.elsevier.com/locate/inca/505566

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  1. Canzoneri, Matthew B, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, American Economic Association, vol. 75(5), pages 1056-70, December.
  2. Acheson, Keith & Chant, John F, 1973. "Bureaucratic Theory and the Choice of Central Bank Goals," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(2), pages 637-55, May.
  3. Michael Dotsey, 1985. "Monetary policy, secrecy, and federal funds rate behavior," Working Paper 85-04, Federal Reserve Bank of Richmond.
  4. Backus, David & Driffill, John, 1985. "Inflation and Reputation," American Economic Review, American Economic Association, vol. 75(3), pages 530-38, June.
  5. Cornell, Bradford, 1983. "The Money Supply Announcements Puzzle: Review and Interpretation," American Economic Review, American Economic Association, vol. 73(4), pages 644-57, September.
  6. 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.
  7. Marvin Goodfriend, 1982. "A model of money stock determination with loan demand and a banking system balance sheet constraint," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 3-16.
  8. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
  9. Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
  10. Gould, John P & Verrecchia, Robert E, 1985. "The Information Content of Specialist Pricing," Journal of Political Economy, University of Chicago Press, vol. 93(1), pages 66-83, February.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The Mystique of the Clique
    by Agent Continuum in Agent Continuum on 2010-01-11 16:56:29
  2. 'A Century of U.S. Central Banking: Goals, Frameworks, Accountability'
    by Mark Thoma in Economist's View on 2013-07-10 13:48:26
  3. 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
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