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Transparency ‘footprints’ of Central Banks: The role of minutes/voting records

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  • Diamondopoulos, John

Abstract

In most academic studies the ECB is seen as more transparent than the FED. However, the perception of ECB transparency by the media and market participants is different. This study will examine the role of minutes/voting records as a possible cause of the differences in the perception of transparency between the academics and the media/market participants. As a proxy of how the media/market participants perceive Central Bank transparency, a content/thematic analysis of CNBC video clips was conducted for four central banks – ECB, FED, BOE, and BOJ. The result of the study yielded a three-dimensional ‘footprint’ of the importance of minutes/voting records as perceived by the media/market participants. In the ECB's case, the three-dimensional ‘footprint’ was extrapolated. The three-dimensional ‘footprint’ of the importance of minutes/voting records could be used to value the relative importance of minutes/voting records in transparency/disclosure indexes or as a ‘quick’ proxy for financial market participants to measure the transparency of Central Banks.

Suggested Citation

  • Diamondopoulos, John, 2012. "Transparency ‘footprints’ of Central Banks: The role of minutes/voting records," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(2), pages 235-247.
    • Handle: RePEc:eee:soceco:v:41:y:2012:i:2:p:235-247
    DOI: 10.1016/j.socec.2011.12.009
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    References listed on IDEAS

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    1. Ureche-Rangau, Loredana & Burietz, Aurore, 2013. "One crisis, two crises…the subprime crisis and the European sovereign debt problems," Economic Modelling, Elsevier, vol. 35(C), pages 35-44.

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    Keywords

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    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

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