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The economic impact of central bank transparency: a survey

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Author Info
Carin van der Cruijsen
Sylvester Eijffinger

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Abstract

We provide an up-to-date overview of the literature on the desirability of central bank transparency from an economic viewpoint. Since the move towards more transparency, a lot of research on its e¤ects has been carried out. First, we show how the theoretical literature has evolved, by looking into branches inspired by Cukierman and Meltzer (1986) and by investigating several, more recent, research strands (e.g. coordination and learning). Then, we summarize the empirical literature which has been growing more recently. Last, we discuss whether: - the empirical research resolves all theoretical question marks, -how the endings of the literature match the actual practice of central banks, and - where there is scope for more research.

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Paper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 132.

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Date of creation: Feb 2007
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Keywords: Central Bank Transparency Monetary Policy Surve

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Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ichiro Muto, 2007. "Productivity Growth, Transparency, and Monetary Policy," IMES Discussion Paper Series 07-E-08, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
  2. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob de Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," DNB Working Papers 170, Netherlands Central Bank, Research Department. [Downloadable!]
    Other versions:
  3. Carin van der Cruijsen en Sylvester Eijffinger, 2008. "Actual versus Perceived Transparency: The Case of the European Central Bank," DNB Working Papers 163, Netherlands Central Bank, Research Department. [Downloadable!]
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