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Transparency, Flexibility, and Inflation Targeting

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  • Carl E. Walsh

Abstract

Inflation targeting central banks have been at the forefront of the movement for greater transparency. In this paper, I explore two dimensions of transparency that are typically ignored in this literature — the quality of the information the central bank provides and how widely it publicizes its information. I show how the quality of the central bank’s forecasts and how widely these forecasts are disseminated can affect the central bank’s policy goals.

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File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc401.pdf
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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 401.

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Date of creation: Dec 2006
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Handle: RePEc:chb:bcchwp:401

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References

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  1. N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," Harvard Institute of Economic Research Working Papers 1922, Harvard - Institute of Economic Research.
  2. Jensen, Henrik, 2001. "Optimal degrees of transparency in monetary policymaking," Discussion Paper Series 1: Economic Studies 2001,04, Deutsche Bundesbank, Research Centre.
  3. Faust, J. & Svensson, L.E.O., 1999. "The Equilibrium Degree of Transparency and Control in Monetary Policy," Papers 669, Stockholm - International Economic Studies.
  4. Eijffinger, Sylvester C W & Geraats, Petra M, 2002. "How Transparent are Central Banks?," CEPR Discussion Papers 3188, C.E.P.R. Discussion Papers.
  5. Mark Bils & Peter J. Klenow, 2002. "Some Evidence on the Importance of Sticky Prices," NBER Working Papers 9069, National Bureau of Economic Research, Inc.
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Cited by:
  1. Walsh, Carl E., 2013. "Announcements and the Role of Policy Guidance," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 575-600.
  2. Petra Geraats, 2014. "Transparency, Flexibility and Macroeconomic Stabilization," CESifo Working Paper Series 4642, CESifo Group Munich.
  3. Isabelle SALLE (GREThA, CNRS, UMR 5113) & Murat YILDIZOGLU (GREThA, CNRS, UMR 5113) & Marc-Alexandre SENEGAS (GREThA, CNRS, UMR 5113), 2012. "Inflation targeting in a learning economy: An ABM perspective," Cahiers du GREThA 2012-15, Groupe de Recherche en Economie Théorique et Appliquée.

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