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Measuring monetary policy transparency in Uruguay

Author

Listed:
  • Cecilia Dassatti

    (Banco Central del Uruguay)

  • Gerardo Licandro

    (Banco Central del Uruguay)

Abstract

The adoption of inflation targeting regimes has led central banks to devote considerable efforts to improve their transparency. Following this trend, several authors have developed tools to measure and compare the levels of transparency of central banks. This paper seeks to carry out this task for the Central Bank of Uruguay applying two different transparency indices. The first one was designed in the mid 2000s and has been applied in a sample with a significant number of countries. The second index is based on a new approach that seeks to reflect the best practices of the most advanced inflation-forecast targeting regimes.

Suggested Citation

  • Cecilia Dassatti & Gerardo Licandro, 2021. "Measuring monetary policy transparency in Uruguay," Documentos de trabajo 2021003, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2021003
    as

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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/3.2021.pdf
    File Function: First version, 2021
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    monetary policy; central bank; transparency;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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