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The economic impact of central bank transparency

Listed author(s):
  • van der Cruijsen, C.A.B.

During the last decades a lot of central banks have become more transparent about their monetary policy. The research question that is addressed in this book is whether central bank transparency is desirable from an economic viewpoint. It is shown that transparency increases have been beneficial. They have resulted in better anchored inflation expectations, lower inflation persistence, better aligned inflation perceptions, more trust in the central bank, and lower nominal interest rates. However, central banks would be wise to not strive for full transparency. A large amount of public information results in confusion or too much weight on the uncertainty surrounding forecasts, resulting in more persistent inflation. In short, the answer to the research question is "yes, but only up to a certain point".

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Paper provided by Tilburg University, School of Economics and Management in its series Other publications TiSEM with number 86c1ba91-1952-45b4-adac-8e2f5a02b62a.

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Length: 194
Date of creation: 2008
Publication status: Published
Handle: RePEc:tiu:tiutis:86c1ba91-1952-45b4-adac-8e2f5a02b62a
Note: Dissertation
Contact details of provider: Web page: https://www.tilburguniversity.edu/about/schools/economics-and-management/

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