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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- 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.
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- 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.
- Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
- Sanford J Grossman & Joseph E Stiglitz, 1997.
"On the Impossibility of Informationally Efficient Markets,"
Levine's Working Paper Archive
1908, David K. Levine.
- Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- The Mystique of the Clique
by Agent Continuum in Agent Continuum on 2010-01-11 16:56:29
- '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
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