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Central Bank Minutes

Author

Listed:
  • Kedan, Danielle

    (Central Bank of Ireland)

  • Stuart, Rebecca

    (Central Bank of Ireland)

Abstract

This Letter compiles information on central bank minutes from a number of sources. First, we look at the academic literature which suggests that central bank minutes can provide additional information above other forms of communication. Second, we make use of a comprehensive set of information on 120 central banks assembled by Dincer and Eichengreen (2014) to examine which central banks publish accounts and how this has evolved over time. Finally, we collate material on the minutes of 24 central banks, summarising their format and main features across four dimensions: length, timeliness, attribution (subdivided into general discussion and voting) and dissent. We find that although only a relatively small proportion of central banks publish minutes, there is a wide diversity in the economies that these banks operate in, and in the characteristics of the minutes that they publish.

Suggested Citation

  • Kedan, Danielle & Stuart, Rebecca, 2014. "Central Bank Minutes," Economic Letters 12/EL/14, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:12/el/14
    as

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    File URL: https://centralbank.ie/docs/default-source/publications/economic-letters/economic-letter---vol-2014-no-12.pdf?sfvrsn=12
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    References listed on IDEAS

    as
    1. Carlo Rosa, 2013. "The financial market effect of FOMC minutes," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 67-81.
    2. Petra Geraats, 2014. "Monetary Policy Transparency," CESifo Working Paper Series 4611, CESifo.
    3. N. Nergiz Dincer & Barry Eichengreen, 2014. "Central Bank Transparency and Independence: Updates and New Measures," International Journal of Central Banking, International Journal of Central Banking, vol. 10(1), pages 189-259, March.
    4. EllenE. Meade & David Stasavage, 2008. "Publicity of Debate and the Incentive to Dissent: Evidence from the US Federal Reserve," Economic Journal, Royal Economic Society, vol. 118(528), pages 695-717, April.
    5. Mikael Apel & Carl Andreas Claussen & Petra Gerlach-Kristen & Petra Lennartsdotter & Øistein Røisland, 2013. "Monetary policy decisions – comparing theory and “inside” information from MPC members," Working Paper 2013/03, Norges Bank.
    6. Petra M. Geraats, 2006. "Transparency of Monetary Policy: Theory and Practice," CESifo Economic Studies, CESifo, vol. 52(1), pages 111-152, March.
    7. Pierre Siklos, 2011. "Central bank transparency: another look," Applied Economics Letters, Taylor & Francis Journals, vol. 18(10), pages 929-933.
    8. Otmar Issing, 2005. "Communication, transparency, accountability: monetary policy in the twenty-first century," Review, Federal Reserve Bank of St. Louis, vol. 87(Mar), pages 65-83.
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    10. Geraats, Petra, 2000. "Why Adopt Transparency? The Publication of Central Bank Forecasts," CEPR Discussion Papers 2582, C.E.P.R. Discussion Papers.
    11. Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
    12. Crowe, Christopher & Meade, Ellen E., 2008. "Central bank independence and transparency: Evolution and effectiveness," European Journal of Political Economy, Elsevier, vol. 24(4), pages 763-777, December.
    13. Kedan, Danielle & Stuart, Rebecca, 2014. "Central Bank Communications: A Comparative Study," Quarterly Bulletin Articles, Central Bank of Ireland, pages 89-104, April.
    14. Hans Gersbach & Volker Hahn, 2012. "Information acquisition and transparency in committees," International Journal of Game Theory, Springer;Game Theory Society, vol. 41(2), pages 427-453, May.
    15. Apel, Mikael & Claussen, Carl Andreas & Lennartsdotter, Petra, 2010. "Picking the Brains of MPC Members," Working Paper Series 237, Sveriges Riksbank (Central Bank of Sweden).
    16. Petra Gerlach‐Kristen, 2004. "Is the MPC's Voting Record Informative about Future UK Monetary Policy?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 299-313, June.
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    Cited by:

    1. N. Cordemans, 2015. "Monetary policy communication in the wake of the great recession," Economic Review, National Bank of Belgium, issue iii, pages 83-101, December.
    2. Miguel Acosta, 2015. "FOMC Responses to Calls for Transparency," Finance and Economics Discussion Series 2015-60, Board of Governors of the Federal Reserve System (U.S.).

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