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Central BanksÕ Transparency: Words as Signals

  • Francesco Cendron

    ()

  • Gianfranco Tusset

    ()

    (University of Padova)

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    Evidence of the evolution of ideas on central bank transparency can be found in the central bankersÕ speeches during the period 1997-2012. Exploratory analysis of the central bankersÕ speeches provides an overview of their use of language: speeches define the historical evolution of central banksÕ discourses, and thus suggest how the concept of transparency has evolved. The paper invites reconsideration of the role of central banksÕ transparency through analysis of central bankersÕ speeches and their use of language as a part of their communication framework. While literature on transparency indexes shows increasing central bank transparency, the semantic area of transparency in central bankersÕ speeches changed over the period 1997-2012. The paper investigates this evolution until recent shift towards new semantic areas pertaining more to the financial and real economy than to traditional inflation concerns.

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    Paper provided by Dipartimento di Scienze Economiche "Marco Fanno" in its series "Marco Fanno" Working Papers with number 0178.

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    Length: 25 pages
    Date of creation: Apr 2014
    Date of revision:
    Handle: RePEc:pad:wpaper:0178
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    1. Alex Cukierman, 2006. "Central Bank Independence And Monetary Policy Making Institutions: Past, Present, And Future," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 9(1), pages 5-23, April.
    2. Niklas J. Westelius, 2006. "Imperfect Transparency and Shifts in the Central Bank's Output Gap Target," Economics Working Paper Archive at Hunter College 415, Hunter College Department of Economics, revised 2008.
    3. Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
    4. Eijffinger, Sylvester C W & Hoogduin, Lex & van der Cruijsen, Carin A B, 2008. "Optimal Central Bank Transparency," CEPR Discussion Papers 6889, C.E.P.R. Discussion Papers.
    5. Buiter, Willem H., 2012. "The Role of Central Banks in Financial Stability: How has it changed?," CEPR Discussion Papers 8780, C.E.P.R. Discussion Papers.
    6. Frederic S Mishkin, 2004. "Can Central Bank Transparency Go Too Far?," RBA Annual Conference Volume, in: Christopher Kent & Simon Guttmann (ed.), The Future of Inflation Targeting Reserve Bank of Australia.
    7. van der Cruijsen, Carin A.B. & Eijffinger, Sylvester C.W., 2010. "From actual to perceived transparency: The case of the European Central Bank," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 388-399, June.
    8. N. Nergiz Dincer & Barry Eichengreen, 2014. "Central Bank Transparency and Independence: Updates and New Measures," International Journal of Central Banking, International Journal of Central Banking, vol. 10(1), pages 189-259, March.
    9. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
    10. repec:ner:tilbur:urn:nbn:nl:ui:12-4163962 is not listed on IDEAS
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