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The Economic Impact of Central Bank Transparency

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  • Cruijsen, C.A.B. van der

Abstract

During the last decades a lot of central banks have become more transparent about their monetary policy. The research question that is addressed in this book is whether central bank transparency is desirable from an economic viewpoint. It is shown that transparency increases have been beneficial. They have resulted in better anchored inflation expectations, lower inflation persistence, better aligned inflation perceptions, more trust in the central bank, and lower nominal interest rates. However, central banks would be wise to not strive for full transparency. A large amount of public information results in confusion or too much weight on the uncertainty surrounding forecasts, resulting in more persistent inflation. In short, the answer to the research question is "yes, but only up to a certain point".

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Bibliographic Info

Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-3130604.

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Length: 194
Date of creation: 2008
Date of revision:
Publication status: Published
Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-3130604

Note: Dissertation
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Web page: http://www.tilburguniversity.edu/

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  1. 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, 06.
  2. Refet S Gürkaynak & Andrew Levin & Eric Swanson, 2010. "Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from the U.S., UK, and Sweden," Journal of the European Economic Association, MIT Press, vol. 8(6), pages 1208-1242, December.
  3. Iris Biefang-Frisancho Mariscal & Peter Howells, 2006. "Monetary Policy Transparency in the UK:The Impact of Independence and Inflation Targeting," Working Papers 0601, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  4. Hughes Hallett, Andrew & Libich, Jan, 2006. "Central Bank Independence, Accountability and Transparency: Complements or Strategic Substitutes?," CEPR Discussion Papers 5470, C.E.P.R. Discussion Papers.
  5. Andrew Hughes Hallett & Nicola Viegi, 2003. "Imperfect transparency and the strategic use of information: an ever present temptation for central bankers?," Manchester School, University of Manchester, vol. 71(5), pages 498-520, 09.
  6. Refet S. Gürkaynak & Andrew T. Levin & Eric T. Swanson, 2006. "Does inflation targeting anchor long-run inflation expectations? evidence from long-term bond yields in the U.S., U.K., and Sweden," Working Paper Series 2006-09, Federal Reserve Bank of San Francisco.
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Cited by:
  1. Martin T. Bohl & David G. Mayes & Pierre L. Siklos, 2011. "The Quality Of Monetary Policy And Inflation Performance: Globalization And Its Aftermath," Manchester School, University of Manchester, vol. 79(s1), pages 617-645, 06.
  2. Matthias Neuenkirch, 2011. "Central Bank Transparency and Financial Market Expectations: The Case of Emerging Markets," MAGKS Papers on Economics 201136, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  3. Neuenkirch, Matthias, 2012. "Managing financial market expectations: The role of central bank transparency and central bank communication," European Journal of Political Economy, Elsevier, vol. 28(1), pages 1-13.

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