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Why Doesn't Society Minimize Central Bank Secrecy?

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  • Lewis, Karen K
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    Abstract

    Societies have incentives to design institutions that allow central bank secrecy. This paper illustrates two of these incentives. First, if society tries to constrain secrecy in one way, central bankers will try to regain lost effectiveness by building up secrecy in other ways. Therefore, we may wind up accepting types of secrecy that appear preventable because reducing them would lead to higher costs. Second, if the social trade-offs between policy objectives change over time, the public may directly prefer greater central bank secrecy so that it will be surprised with expansionary policies when it most desires them. Copyright 1991 by Oxford University Press.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Economic Inquiry.

    Volume (Year): 29 (1991)
    Issue (Month): 3 (July)
    Pages: 403-15

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    Handle: RePEc:oup:ecinqu:v:29:y:1991:i:3:p:403-15

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    Cited by:
    1. M. Demertzis & N. Viegi, 2004. "Aiming for the Bull's Eye: Inflation Targeting under Uncertainty," DNB Staff Reports (discontinued) 88, Netherlands Central Bank.
    2. Eijffinger, Sylvester C W & Hoeberichts, Marco & Schaling, Eric, 2000. "Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 32(2), pages 218-35, May.
    3. Faust, Jon & Svensson, Lars E O, 2002. "The Equilibrium Degree of Transparency and Control in Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 34(2), pages 520-39, May.
    4. Svensson, Lars E.O. & Faust, John, 1998. "Transparency and Credibility: Monetary Policy with Unobservable Goals," Seminar Papers 636, Stockholm University, Institute for International Economic Studies.
    5. Seth B. Carpenter, 2004. "Transparency and monetary policy: what does the academic literature tell policymakers?," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2004-35, Board of Governors of the Federal Reserve System (U.S.).
    6. Michelle R. Garfinkel & Seonghwan Oh, 1990. "When and how much to talk: credibility and flexibility in monetary policy with private information," Working Papers 1990-004, Federal Reserve Bank of St. Louis.
    7. Cruijsen, C.A.B. van der & Eijffinger, S.C.W., 2007. "The Economic Impact of Central Bank Transparency: A Survey," Discussion Paper, Tilburg University, Center for Economic Research 2007-06, Tilburg University, Center for Economic Research.
    8. Simon Hall & Chris Salmon & Tony Yates & Nicoletta Batini, 1999. "Uncertainty and Simple Monetary Policy Rules - An illustration for the United Kingdom," Bank of England working papers 96, Bank of England.

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