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Communicating dissent on monetary policy: Evidence from central bank minutes

Author

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  • David-Jan Jansen
  • Richhild Moessner

Abstract

We study whether differences in views during monetary policy meetings affect central bank transparency. Using data published by four central banks, we find that dissent among committee members increases the file size of minutes of policy meetings. However, dissent does not affect the readability of these minutes. We conclude that minutes can still be useful in providing accountability when views differ without necessarily impairing transparency.

Suggested Citation

  • David-Jan Jansen & Richhild Moessner, 2016. "Communicating dissent on monetary policy: Evidence from central bank minutes," DNB Working Papers 512, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:dnbwpp:512
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    File URL: https://www.dnb.nl/en/binaries/Working%20paper%20512_tcm47-341349.pdf
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    References listed on IDEAS

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    Cited by:

    1. Vincent Lim CS, "undated". "Press Releases and MPC Minutes Are They One And The Same," Working Papers wp23, South East Asian Central Banks (SEACEN) Research and Training Centre.
    2. repec:eee:jimfin:v:79:y:2017:i:c:p:136-156 is not listed on IDEAS
    3. repec:eee:jebusi:v:103:y:2019:i:c:p:38-60 is not listed on IDEAS

    More about this item

    Keywords

    monetary policy; minutes; dissent; transparency; accountability;

    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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