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Actual versus Perceived Central Bank Transparency: The Case of the European Central Bank

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Author Info

  • Cruijsen, C.A.B. van der
  • Eijffinger, S.C.W.

    (Tilburg University, Center for Economic Research)

Abstract

Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency lit- erature the distinction between actual and perceived central bank trans- parency is often lacking. However, as perceptions are crucial for the ac- tions of economic agents this distinction matters. A discrepancy between actual and perceived transparency may exist because of incomplete or in- correct transparency knowledge and other (psychological) factors. Even financial experts, the most important channel through which the central bank can influence the economy, might suffer from misaligned perceptions. We investigate the mismatch between actual and perceived transparency and its relevance by analyzing data of a Dutch household survey on the European Central Bank’s transparency. To benefit from higher trans- parency perceptions the European Central Bank might feel tempted to stress its transparency strengths, but hide its transparency weaknesses.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2007-78.

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Date of creation: 2007
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Handle: RePEc:dgr:kubcen:200778

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Web page: http://center.uvt.nl

Related research

Keywords: Central bank transparency; Perceptions; Survey; CentERpanel; Behavioral Economics;

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Cited by:
  1. Stephen G. Cecchetti & Kermit L. Schoenholtz, 2010. "How Central Bankers See It: The First Decade of European Central Bank Policy and Beyond," NBER Chapters, in: Europe and the Euro, pages 327-374 National Bureau of Economic Research, Inc.
  2. Ehrmann, Michael & Eijffinger, Sylvester C. W. & Fratzscher, Marcel, 2009. "The role of central bank transparency for guiding private sector forecasts," CEPR Discussion Papers 7585, C.E.P.R. Discussion Papers.

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