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Transparency of Monetary Policy: Theory and Practice

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  • Petra M. Geraats

Abstract

Transparency has become one of the main features of monetary policymaking during the last decade. This article establishes stylized facts and provides a systematic overview of the practice of monetary policy transparency around the world. It shows much diversity in information disclosure, even for central banks with the same monetary policy framework, including inflation targeting. Nevertheless, the study finds significant differences in transparency across monetary policy frameworks. The empirical findings are explained using key insights distilled from the theoretical literature. Thus, this article aims to bridge the gap between the theory and practice of monetary policy transparency. (JEL codes: E58, D82) Copyright 2006, Oxford University Press.

Suggested Citation

  • Petra M. Geraats, 2006. "Transparency of Monetary Policy: Theory and Practice," CESifo Economic Studies, CESifo Group, vol. 52(1), pages 111-152, March.
    • Handle: RePEc:oup:cesifo:v:52:y:2006:i:1:p:111-152
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    File URL: http://hdl.handle.net/10.1093/cesifo/ifj004
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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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