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Transparent US monetary policy: theory and tests


  • Marc D. Hayford
  • A. G. Malliaris


In 1994, the Federal Reserve System moved to a more transparent reporting of monetary policy. This article assesses the impact of monetary policy transparency on uncertainty about future monetary policy using T-bill rate forecast dispersions and ex post forecast errors from the Survey of Professional Forecasters as a proxy for monetary policy uncertainty. The empirical findings confirm that Federal Reserve transparency has reduced the uncertainty about future monetary policy.

Suggested Citation

  • Marc D. Hayford & A. G. Malliaris, 2012. "Transparent US monetary policy: theory and tests," Applied Economics, Taylor & Francis Journals, vol. 44(7), pages 813-824, March.
  • Handle: RePEc:taf:applec:44:y:2012:i:7:p:813-824
    DOI: 10.1080/00036846.2010.524628

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    References listed on IDEAS

    1. Matsusaka, John G & Palda, Filip, 1999. "Voter Turnout: How Much Can We Explain?," Public Choice, Springer, vol. 98(3-4), pages 431-446, March.
    2. John Lott, 2009. "Non-voted ballots, the cost of voting, and race," Public Choice, Springer, vol. 138(1), pages 171-197, January.
    3. Jan Vermeir & Bruno Heyndels, 2006. "Tax policy and yardstick voting in Flemish municipal elections," Applied Economics, Taylor & Francis Journals, vol. 38(19), pages 2285-2298.
    4. Eiji Yamamura, 2011. "Effects of social norms and fractionalization on voting behaviour in Japan," Applied Economics, Taylor & Francis Journals, vol. 43(11), pages 1385-1398.
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