This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Monetary Policy Transparency in the Inflation Targeting Author info | Abstract | Publisher info | Download info | Related research | Statistics Mariusz Jarmuzek (CASE Center for Social & Economic Research)
Lucjan T. Orlowski (Sacred Heart University)
Artur Radziwill (CASE Center for Social & Economic Research)
Additional information is available for the following
registered author(s):
This paper quantifies transparency of monetary policy in the three EU New Member States that have adopted direct inflation targeting strategy. Two measures of transparency are applied. The institutional measure reflects the extent to which a central bank discloses information that is related to the policymaking process. The behavioural measure reflects the clarity among the financial market participants about the true course of monetary policy. The paper shows an ambiguous association between the two measures of transparency, which may be attributed to the active exchange rate management policy that undermines the actual transparency proxied by the behavioural measure.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by EconWPA in its series Macroeconomics with number
0502025.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length: 32 pages
Date of creation: 12 Feb 2005Date of revision:
Handle: RePEc:wpa:wuwpma:0502025Note: Type of Document - pdf; pages: 32. This paper is part of research project supported by a grant from the CERGE-EI Foundation under a program of the Global Development NetworkContact details of provider: Web page: http://129.3.20.41
For technical questions regarding this item, or to correct its listing, contact: (EconWPA).
Keywords: monetary policy ; institutional and behavioural transparency ; direct inflation targeting ; EU New Member States ; European Monetary Union ; Find related papers by JEL classification: 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 P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
This paper has been announced in the following NEP Reports :
References listed on IDEAS 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.: Svensson, Lars E. O., 2000.
"Open-economy inflation targeting ,"
Journal of International Economics ,
Elsevier, vol. 50(1), pages 155-183, February.
[Downloadable!] (restricted)
Other versions:
Lars E. O. Svensson, 2000.
"Open-Economy Inflation Targeting ,"
NBER Working Papers
6545, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, L.E.O., 1998.
"Open-Economy Inflation Targeting ,"
Papers
638, Stockholm - International Economic Studies.
Svensson, Lars E.O., 1998.
"Open-Economy Inflation Targeting ,"
Seminar Papers
638, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, Lars E O, 1998.
"Open-Economy Inflation Targeting ,"
CEPR Discussion Papers
1989, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Roman Matoušek & Anita Taci, 2003.
"Direct Inflation Targeting and Nominal Convergence: The Czech Case ,"
Open Economies Review ,
Springer, vol. 14(3), pages 269-283, July.
[Downloadable!] (restricted)
Jon Faust & Lars E.O. Svensson, 1998.
"Transparency and credibility: monetary policy with unobservable goals ,"
International Finance Discussion Papers
605, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions:
Faust, J. & Svensson, L.E.O., 1998.
"Transparency and Credibility: Monetary Policy with Unobservable Goals ,"
Papers
636, Stockholm - International Economic Studies.
Faust, Jon & Svensson, Lars E O, 1998.
"Transparency and Credibility: Monetary Policy with Unobservable Goals ,"
CEPR Discussion Papers
1852, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Jon Faust & Lars E. O. Svensson, 1998.
"Transparency and Credibility: Monetary Policy with Unobservable Goals ,"
NBER Working Papers
6452, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E.O. & Faust, John, 1998.
"Transparency and Credibility: Monetary Policy with Unobservable Goals ,"
Seminar Papers
636, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Faust, Jon & Svensson, Lars E O, 2001.
"Transparency and Credibility: Monetary Policy with Unobservable Goals ,"
International Economic Review ,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(2), pages 369-97, May.
Cosimano, Thomas F & Van Huyck, John B, 1993.
"Central Bank Secrecy, Interest Rates, and Monetary Control ,"
Economic Inquiry ,
Oxford University Press, vol. 31(3), pages 370-82, July.
Lucjan Orlowski, 2003.
"Monetary Convergence and Risk Premiums in the EU Accession Countries ,"
Open Economies Review ,
Springer, vol. 14(3), pages 251-267, July.
[Downloadable!] (restricted)
Glenn D. Rudebusch & Lars E. O. Svensson, 1998.
"Policy rules for inflation targeting ,"
Proceedings ,
Federal Reserve Bank of San Francisco, issue Mar.
Other versions:
Rudebusch, G.D. & Svensson, L.E.O., 1998.
"Policy Rules for Inflation Targeting ,"
Papers
637, Stockholm - International Economic Studies.
Rudebusch, Glenn D & Svensson, Lars E O, 1998.
"Policy Rules for Inflation Targeting ,"
CEPR Discussion Papers
1999, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Glenn D. Rudebusch & Lars E. O. Svensson, 1998.
"Policy Rules for Inflation Targeting ,"
NBER Working Papers
6512, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E.O. & Rudebusch , Glenn, 1998.
"Policy Rules for Inflation Targeting ,"
Seminar Papers
637, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Glenn D. Rudebusch & Lars E. O. Svensson, 1998.
"Policy rules for inflation targeting ,"
Working Papers in Applied Economic Theory and Econometrics
98-03, Federal Reserve Bank of San Francisco.
Glenn Rudebusch & Lars E.O. Svensson, 1999.
"Policy Rules for Inflation Targeting ,"
NBER Chapters ,
in: Monetary Policy Rules, pages 203-262
National Bureau of Economic Research, Inc.
[Downloadable!] Svensson, Lars E O, 1995.
"Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts ,"
CEPR Discussion Papers
1249, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Svensson, L.E.O., 1995.
"Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts ,"
Papers
595, Stockholm - International Economic Studies.
Lars E.O. Svensson, 1997.
"Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts ,"
NBER Working Papers
5251, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E O, 1997.
"Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts ,"
American Economic Review ,
American Economic Association, vol. 87(1), pages 98-114, March.
[Downloadable!] (restricted) Willem H. Buiter, 1999.
"Alice in Euroland ,"
Journal of Common Market Studies ,
Blackwell Publishing, vol. 37(2), pages 181-209, 06.
[Downloadable!] (restricted)
Jon Faust & Lars E.O. Svensson, 1999.
"The equilibrium degree of transparency and control in monetary policy ,"
International Finance Discussion Papers
651, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions:
Jon Faust & Lars E.O. Svensson, 1999.
"The Equilibrium Degree of Transparency and Control in Monetary Policy ,"
NBER Working Papers
7152, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Faust, Jon & Svensson, Lars E O, 1999.
"The Equilibrium Degree of Transparency and Control in Monetary Policy ,"
CEPR Discussion Papers
2195, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Faust, J. & Svensson, L.E.O., 1999.
"The Equilibrium Degree of Transparency and Control in Monetary Policy ,"
Papers
669, Stockholm - International Economic Studies.
Svensson, Lars & Faust, Jon, 1999.
"The Equilibrium Degree of Transparency and Control in Monetary Policy ,"
Seminar Papers
669, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Faust, Jon & Svensson, Lars E O, 2002.
"The Equilibrium Degree of Transparency and Control in Monetary Policy ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 34(2), pages 520-39, May.
Eijffinger, Sylvester C W & Geraats, Petra M, 2002.
"How Transparent are Central Banks? ,"
CEPR Discussion Papers
3188, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Eijffinger, S.C.W. & Geraats, P.M., 2004.
"How Transparent Are Central Banks? ,"
Cambridge Working Papers in Economics
0411, Faculty of Economics, University of Cambridge.
[Downloadable!] Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006.
"How transparent are central banks? ,"
European Journal of Political Economy ,
Elsevier, vol. 22(1), pages 1-21, March.
[Downloadable!] (restricted) Hahn, Volker & Gersbach, Hans, 2001.
"Should the Individual Voting Records of Central Bankers be Published? ,"
Discussion Paper Series 1: Economic Studies
2001,02, Deutsche Bundesbank, Research Centre.
[Downloadable!]
Other versions: Svensson, Lars E. O., 1999.
"Inflation targeting as a monetary policy rule ,"
Journal of Monetary Economics ,
Elsevier, vol. 43(3), pages 607-654, June.
[Downloadable!] (restricted)
Other versions:
Lars E.O. Svensson, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
NBER Working Papers
6790, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Seminar Papers
646, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, L.E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Papers
646, Stockholm - International Economic Studies.
Svensson, Lars E O, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
CEPR Discussion Papers
1998, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Alex Cukierman, 2002.
"Are contemporary central banks transparent about economic models and objectives and what difference does it make? ,"
Review ,
Federal Reserve Bank of St. Louis, issue Jul, pages 15-36.
[Downloadable!]
Other versions: W.H. Buiter, 1999.
"Alice in Euroland ,"
CEP Discussion Papers
dp0423, Centre for Economic Performance, LSE.
[Downloadable!]
Hans Gersbach, 2003.
"On the negative social value of central banks' knowledge transparency ,"
Economics of Governance ,
Springer, vol. 4(2), pages 91-102, 08.
[Downloadable!] (restricted)
Dotsey, Michael, 1987.
"Monetary policy, secrecy, and federal funds rate behavior ,"
Journal of Monetary Economics ,
Elsevier, vol. 20(3), pages 463-474, December.
[Downloadable!] (restricted)
Cukierman, A., 2000.
"Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem ,"
Papers
2000-4, Tel Aviv.
Orlowski, Lucjan T., 2001.
"From inflation targeting to the euro-peg: A model of monetary convergence for transition economies ,"
Economic Systems ,
Elsevier, vol. 25(3), pages 233-251, September.
[Downloadable!] (restricted)
Alberto Alesina, 1988.
"Macroeconomics and Politics ,"
NBER Chapters ,
in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62
National Bureau of Economic Research, Inc.
[Downloadable!]
Petra M. Geraats, 2002.
"Central Bank Transparency ,"
Economic Journal ,
Royal Economic Society, vol. 112(483), pages 532-565, November.
[Downloadable!] (restricted)
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.)
Kateřina Šmídková & Aleš Bulíř, 2007.
"Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB ,"
Czech Journal of Economics and Finance (Finance a uver) ,
Charles University Prague, Faculty of Social Sciences, vol. 57(11-12), pages 540-557, December.
[Downloadable!]
Other versions:
Access and
download statistics Did you know? The yearly budget of IDEAS is exactly $0: it relies entirely on volunteer work.
This page was last updated on 2009-11-3.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .