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Monetary Policy Transparency

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  • Petra Geraats

Abstract

There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on monetary policy transparency and relevant empirical findings. The focus is on understanding two key developments, the notable increase in openness about macroeconomic prospects and the recent advance of forward policy guidance.

Suggested Citation

  • Petra Geraats, 2014. "Monetary Policy Transparency," CESifo Working Paper Series 4611, CESifo Group Munich.
    • Handle: RePEc:ces:ceswps:_4611
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    File URL: https://www.ifo.de/DocDL/cesifo1_wp4611.pdf
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    References listed on IDEAS

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. ECB and Fed: Separated at Birth?
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2014-09-22 17:24:16

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    Cited by:

    1. Shambaugh, George E. & Shen, Elaine B., 2018. "A clear advantage: The benefits of transparency to crisis recovery," European Journal of Political Economy, Elsevier, vol. 55(C), pages 391-416.
    2. Kedan, Danielle & Stuart, Rebecca, 2014. "Central Bank Minutes," Economic Letters 12/EL/14, Central Bank of Ireland.

    More about this item

    Keywords

    monetary policy; transparency; central banks;

    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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