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Central Bank Secrecy, Interest Rates, and Monetary Control

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Author Info
Cosimano, Thomas F
Van Huyck, John B

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Abstract

The authors construct a dynamic rational expectations model of the federal funds and deposit market that provides a rationale for central bank secrecy about current monetary aggregate objectives. In this analysis, the Trading Desk values secrecy because it reduces the influence of monetary control policy on interest rates. The authors then examine actual U.S. experience with monetary control and determine that the reserve bias predicted by the model is present in the data from 1978 to 1985. Finally, they demonstrate that central bank secrecy may not lower the value of commercial banks. Copyright 1993 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 31 (1993)
Issue (Month): 3 (July)
Pages: 370-82
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Handle: RePEc:oup:ecinqu:v:31:y:1993:i:3:p:370-82

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  1. Mariusz Jarmuzek & Lucjan T. Orlowski & Artur Radziwill, 2005. "Monetary Policy Transparency in the Inflation Targeting," Macroeconomics 0502025, EconWPA. [Downloadable!]
  2. Joseph H. Haslag, 2001. "On Fed watching and central bank transparency in an overlapping generations model," Working Papers 00-02, Federal Reserve Bank of Dallas. [Downloadable!]
  3. Eijffinger, Sylvester C W & Geraats, Petra M, 2002. "How Transparent are Central Banks?," CEPR Discussion Papers 3188, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Eijffinger, Sylvester C W & van der Cruijsen, Carin A B, 2007. "The Economic Impact of Central Bank Transparency: A Survey," CEPR Discussion Papers 6070, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  5. 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.). [Downloadable!]
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