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Central bank transparency and inflation (volatility) – new evidence

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  • Christoph S. Weber

    () (Friedrich-Alexander University Erlangen-Nürnberg)

Abstract

The last decades have shown a tendency towards higher central bank transparency. This leads to the question of how central bank transparency is entangled with price stability and inflation volatility. A plethora of studies analysed the relationship from a theoretical point of view and came to contradictory results. Thus, the article aims to analyse this question empirically and to better understand the mechanism behind it. Firstly, the results show that transparency reduces inflation expectations and inflation even if we control for other determinants. However, transparency alone is not sufficient to produce stable prices. Secondly, the paper proves that the effect on inflation mainly comes from reduced inflation expectations. Thirdly, we show that central bank transparency seems to diminish inflation uncertainty. This confirms the economic importance of central bank transparency.

Suggested Citation

  • Christoph S. Weber, 2018. "Central bank transparency and inflation (volatility) – new evidence," International Economics and Economic Policy, Springer, vol. 15(1), pages 21-67, January.
  • Handle: RePEc:kap:iecepo:v:15:y:2018:i:1:d:10.1007_s10368-016-0365-z
    DOI: 10.1007/s10368-016-0365-z
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    Cited by:

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    6. Nasir, Muhammad Ali & Huynh, Toan Luu Duc & Yarovaya, Larisa, 2020. "Inflation targeting & implications of oil shocks for inflation expectations in oil-importing and exporting economies: Evidence from three Nordic Kingdoms," International Review of Financial Analysis, Elsevier, vol. 72(C).
    7. Weber, Christoph S., 2019. "The effect of central bank transparency on exchange rate volatility," Journal of International Money and Finance, Elsevier, vol. 95(C), pages 165-181.
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    9. Alain N. Kabundi & Montfort Mlachila, 2018. "Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa," IMF Working Papers 2018/173, International Monetary Fund.

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    More about this item

    Keywords

    Central bank transparency; Inflation; Inflation volatility; Determinants of inflation; Central bank independence;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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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