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Central Bank Secrecy, Interest Rates, and Monetary Control

Author

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  • Cosimano, Thomas F
  • Van Huyck, John B

Abstract

The authors construct a dynamic rational expectations model of the federal funds and deposit market that provides a rationale for central bank secrecy about current monetary aggregate objectives. In this analysis, the Trading Desk values secrecy because it reduces the influence of monetary control policy on interest rates. The authors then examine actual U.S. experience with monetary control and determine that the reserve bias predicted by the model is present in the data from 1978 to 1985. Finally, they demonstrate that central bank secrecy may not lower the value of commercial banks. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Cosimano, Thomas F & Van Huyck, John B, 1993. "Central Bank Secrecy, Interest Rates, and Monetary Control," Economic Inquiry, Western Economic Association International, vol. 31(3), pages 370-382, July.
    • Handle: RePEc:oup:ecinqu:v:31:y:1993:i:3:p:370-82
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    Cited by:

    1. Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006. "How transparent are central banks?," European Journal of Political Economy, Elsevier, vol. 22(1), pages 1-21, March.
    2. Joseph H. Haslag, 2000. "On Fed watching and central bank transparency in an overlapping generations model," Working Papers 0002, Federal Reserve Bank of Dallas.
    3. Eijffinger, Sylvester & van der Cruijsen, Carin, 2007. "The Economic Impact of Central Bank Transparency: A Survey," CEPR Discussion Papers 6070, C.E.P.R. Discussion Papers.
    4. van der Cruijsen, C.A.B., 2008. "The economic impact of central bank transparency," Other publications TiSEM 86c1ba91-1952-45b4-adac-8, Tilburg University, School of Economics and Management.
    5. Dia, Enzo, 2013. "How do banks respond to shocks? A dynamic model of deposit-taking institutions," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3623-3638.
    6. Seth B. Carpenter, 2004. "Transparency and monetary policy: what does the academic literature tell policymakers?," Finance and Economics Discussion Series 2004-35, Board of Governors of the Federal Reserve System (U.S.).
    7. Mariusz Jarmuzek & Lucjan T. Orlowski & Artur Radziwill, 2005. "Monetary Policy Transparency in the Inflation Targeting," Macroeconomics 0502025, University Library of Munich, Germany.
    8. Mariusz Jarmuzek & Lucjan T. Orlowski & Artur Radziwill, 2004. "Monetary Policy Transparency in Inflation Targeting Countries: the Czech Republic, Hungary and Poland," CASE Network Studies and Analyses 0281, CASE-Center for Social and Economic Research.

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