Transparency: can central banks commit to truthful communication?
Author
Abstract
Suggested Citation
DOI: 10.32468/be.711
Download full text from publisher
Other versions of this item:
- Julian A. Parra-Polania, 2012. "Transparency: can central banks commit to truthful communication?," Borradores de Economia 9614, Banco de la Republica.
References listed on IDEAS
- Canzoneri, Matthew B, 1985.
"Monetary Policy Games and the Role of Private Information,"
American Economic Review, American Economic Association, vol. 75(5), pages 1056-1070, December.
- Matthew B. Canzoneri, 1983. "Monetary policy games and the role of private information," International Finance Discussion Papers 249, Board of Governors of the Federal Reserve System (U.S.).
- repec:bla:manchs:v:70:y:2002:i:4:p:619-50 is not listed on IDEAS
- Hoerova, Marie & Monnet, Cyril & Temzelides, Ted, 2012.
"Money talks,"
Economics Letters, Elsevier, vol. 116(3), pages 617-621.
- Hoerova, Marie & Monnet, Cyril & Temzelides, Ted, 2009. "Money talks," Working Paper Series 1091, European Central Bank.
- Marie Hoerova & Cyril Monnet & Ted Temzelides, 2009. "Money talks," Working Papers 09-18, Federal Reserve Bank of Philadelphia.
- Laskar, Daniel, 2010.
"Central bank transparency and shocks,"
Economics Letters, Elsevier, vol. 107(2), pages 158-160, May.
- Daniel Laskar, 2010. "Central Bank Transparency and Shocks," Post-Print halshs-00560261, HAL.
- Garfinkel, Michelle R. & Oh, Seonghwan, 1995.
"When and how much to talk credibility and flexibility in monetary policy with private information,"
Journal of Monetary Economics, Elsevier, vol. 35(2), pages 341-357, April.
- Michelle R. Garfinkel & Seonghwan Oh, 1990. "When and How Much to Talk: Credibility and Flexibility in Monetary Policy With Private Information," UCLA Economics Working Papers 593, UCLA Department of Economics.
- Michelle R. Garfinkel & Seonghwan Oh, 1990. "When and how much to talk: credibility and flexibility in monetary policy with private information," Working Papers 1990-004, Federal Reserve Bank of St. Louis.
- Nergiz Dincer & Barry Eichengreen, 2009. "Central Bank Transparency: Causes, Consequences and Updates," NBER Working Papers 14791, National Bureau of Economic Research, Inc.
- Demertzis, Maria & Hughes Hallett, Andrew, 2007.
"Central Bank transparency in theory and practice,"
Journal of Macroeconomics, Elsevier, vol. 29(4), pages 760-789, December.
- Hughes Hallett, Andrew & Demertzis, Maria, 2002. "Central Bank Transparency in Theory and Practice," CEPR Discussion Papers 3639, C.E.P.R. Discussion Papers.
- Demertzis, Maria & Andrew Hughes Hallett, 2003. "Central Bank Transparency in Theory and Practice," Royal Economic Society Annual Conference 2003 56, Royal Economic Society.
- Maria Demertzis & Andrew Hughes Hallett, 2004. "Central bank transparency in theory and practice," Money Macro and Finance (MMF) Research Group Conference 2003 23, Money Macro and Finance Research Group.
- DEMERTZIS Maria & HUGHES HALLETT Andrew, 2010. "Central Bank Transparency in Theory and Practice," EcoMod2003 330700041, EcoMod.
- Siklos,Pierre L. & Bohl,Martin T. & Wohar,Mark E. (ed.), 2010. "Challenges in Central Banking," Cambridge Books, Cambridge University Press, number 9780521199292, October.
- repec:bla:econom:v:66:y:1999:i:262:p:255-69 is not listed on IDEAS
- Stephen Morris & Hyun Song Shin & Hui Tong, 2006. "Social Value of Public Information: Morris and Shin (2002) Is Actually Pro-Transparency, Not Con: Reply," American Economic Review, American Economic Association, vol. 96(1), pages 453-455, March.
- Henrik Jensen, 2002.
"Optimal Degrees of Transparency in Monetary Policymaking,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 104(3), pages 399-422, September.
- Henrik Jensen, "undated". "Optimal Degrees of Tranaparency in Monetary Policymaking," EPRU Working Paper Series 01-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Jensen, Henrik, 2001. "Optimal Degrees of Transparency in Monetary Policymaking," CEPR Discussion Papers 2689, C.E.P.R. Discussion Papers.
- Jensen, Henrik, 2001. "Optimal degrees of transparency in monetary policymaking," Discussion Paper Series 1: Economic Studies 2001,04, Deutsche Bundesbank.
- Carl E. Walsh, 2007.
"Optimal Economic Transparency,"
International Journal of Central Banking, International Journal of Central Banking, vol. 3(1), pages 5-36, March.
- Walsh, Carl E., 2007. "Optimal Economic Transparency," Santa Cruz Department of Economics, Working Paper Series qt1t86w4ht, Department of Economics, UC Santa Cruz.
- Daniel Laskar, 2010. "Central Bank Transparency and Shocks," PSE-Ecole d'économie de Paris (Postprint) halshs-00560261, HAL.
- Lars E. O. Svensson, 2006. "Social Value of Public Information: Comment: Morris and Shin (2002) Is Actually Pro-Transparency, Not Con," American Economic Review, American Economic Association, vol. 96(1), pages 448-452, March.
- Eijffinger, Sylvester & Tesfaselassie, Mewael F., 2007.
"Central Bank forecasts and disclosure policy: Why it pays to be optimistic,"
European Journal of Political Economy, Elsevier, vol. 23(1), pages 30-50, March.
- Eijffinger, Sylvester & Tesfaselassie, Mewael F., 2005. "Central Bank Forecasts and Disclosure Policy: Why it Pays to be Optimistic," CEPR Discussion Papers 4854, C.E.P.R. Discussion Papers.
- Eijffinger, S.C.W. & Tesfaselassie, M.F., 2007. "Central bank forecasts and disclosure policy : Why it pays to be optimisitic," Other publications TiSEM 22defe88-78bb-439d-9a38-8, Tilburg University, School of Economics and Management.
- Eijffinger, S.C.W. & Tesfaselassie, M.F., 2005. "Central Bank Forecasts and Disclosure Policy : Why it Pays to be Optimistic," Other publications TiSEM 7f9abf44-b1ec-45ff-88c4-7, Tilburg University, School of Economics and Management.
- Geraats Petra M., 2005.
"Transparency and Reputation: The Publication of Central Bank Forecasts,"
The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-28, February.
- Geraats, P.M., 2004. "Transparency and Reputation: The Publication of Central Bank Forecasts," Cambridge Working Papers in Economics 0473, Faculty of Economics, University of Cambridge.
- Sebastián Gómez Barrero & Julián Parra Polanía, 2011.
"Comportamiento estratégico de los bancos centrales al anunciar pronósticos de inflación,"
Borradores de Economia
8577, Banco de la Republica.
- Sebástian Gómez Barrero & Julián A.Parra Polanía, 2011. "Comportamiento estratégico de los bancos centrales al anunciar pronósticos de inflación," Borradores de Economia 653, Banco de la Republica de Colombia.
- Sebastián Gómez Barrero & Julián Parra Polanía, 2011. "Comportamiento estratégico de los bancos centrales al anunciar pronósticos de inflación," Borradores de Economia 8576, Banco de la Republica.
- Stein, Jeremy C, 1989. "Cheap Talk and the Fed: A Theory of Imprecise Policy Announcements," American Economic Review, American Economic Association, vol. 79(1), pages 32-42, March.
- Carboni, Giacomo & Ellison, Martin, 2011.
"Inflation and output volatility under asymmetric incomplete information,"
Journal of Economic Dynamics and Control, Elsevier, vol. 35(1), pages 40-51, January.
- Carboni, Giacomo & Ellison, Martin, 2009. "Inflation and output volatility under asymmetric incomplete information," Working Paper Series 1092, European Central Bank.
- Giacomo Carboni & Martin Ellison, 2010. "Inflation and output volatility under asymmetric incomplete information," Post-Print hal-00753043, HAL.
- Barro, Robert J & Gordon, David B, 1983.
"A Positive Theory of Monetary Policy in a Natural Rate Model,"
Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
- Robert J. Barro & David B. Gordon, 1981. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc.
- Hans Gersbach, 2003. "On the negative social value of central banks' knowledge transparency," Economics of Governance, Springer, vol. 4(2), pages 91-102, August.
- Petra M. Geraats, 2007.
"The Mystique of Central Bank Speak,"
International Journal of Central Banking, International Journal of Central Banking, vol. 3(1), pages 37-80, March.
- Geraats, P.M., 2005. "The Mystique of Central Bank Speak," Cambridge Working Papers in Economics 0543, Faculty of Economics, University of Cambridge.
- Petra M. Geraats, 2006. "The Mystique of Central Bank Speak," Working Papers 123, Oesterreichische Nationalbank (Austrian Central Bank).
- Geraats, Petra M., 2000.
"Why Adopt Transparency? The Publication of Central Bank Forecasts,"
Center for International and Development Economics Research, Working Paper Series
qt0hw7h7cp, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
- Petra M. Geraats, 2001. "Why Adopt Transparency? The Publication of Central Bank Forecasts," Macroeconomics 0012011, University Library of Munich, Germany.
- Geraats, Petra, 2000. "Why Adopt Transparency? The Publication of Central Bank Forecasts," CEPR Discussion Papers 2582, C.E.P.R. Discussion Papers.
- Geraats, P.M., 2001. "Why Adopt Transparency? The Publication of Central Bank Forecasts," Papers 41, Quebec a Montreal - Recherche en gestion.
- Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Gustavo Nicolás Páez, 2015. "Prediciendo decisiones de agentes económicos: ¿Cómo determina el Banco de la República de Colombia la tasa de interés?," Documentos CEDE 12567, Universidad de los Andes, Facultad de Economía, CEDE.
- Freddy H. CASTRO, 2012. "Senales de política monetaria y movimientos en la estructura a plazo de la tasa de interés en Colombia," Archivos de Economía 9908, Departamento Nacional de Planeación.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- 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.
- van der Cruijsen, C.A.B. & Eijffinger, S.C.W., 2007.
"The Economic Impact of Central Bank Transparency : A Survey,"
Discussion Paper
2007-06, Tilburg University, Center for Economic Research.
- 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.
- van der Cruijsen, C.A.B. & Eijffinger, S.C.W., 2007. "The Economic Impact of Central Bank Transparency : A Survey," Other publications TiSEM c0ec8638-a29c-48e3-be11-8, Tilburg University, School of Economics and Management.
- Ma, Yong & Li, Shushu, 2015. "Bayesian estimation of China's monetary policy transparency: A New Keynesian approach," Economic Modelling, Elsevier, vol. 45(C), pages 236-248.
- Christoph S. Weber, 2020.
"The unemployment effect of central bank transparency,"
Empirical Economics, Springer, vol. 59(6), pages 2947-2975, December.
- Christoph S. Weber, 2017. "The Unemployment Effect of Central Bank Transparency," Working Papers 172, Bavarian Graduate Program in Economics (BGPE).
- 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.
- Petra Geraats, 2014. "Transparency, Flexibility and Macroeconomic Stabilization," CESifo Working Paper Series 4642, CESifo.
- Turdaliev, Nurlan, 2010. "Communication in repeated monetary policy games," International Review of Economics & Finance, Elsevier, vol. 19(2), pages 228-243, April.
- Elmar Mertens, 2016.
"Managing Beliefs about Monetary Policy under Discretion,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(4), pages 661-698, June.
- Elmar Mertens, 2008. "Managing Beliefs about Monetary Policy under Discretion?," Working Papers 08.02, Swiss National Bank, Study Center Gerzensee.
- Elmar Mertens, 2010. "Managing beliefs about monetary policy under discretion," Finance and Economics Discussion Series 2010-11, Board of Governors of the Federal Reserve System (U.S.).
- Ngomba Bodi, Francis Ghislain & Tadadjeu Wemba, Dessy-Karl & Soulemanou, Soulemanou, 2020. "Transparence des Banques Centrales et efficacité de la politique monétaire : quelles implications pour la Banque des Etats de l’Afrique Centrale ? [Central Bank's Transparency and effectiveness of ," MPRA Paper 116436, University Library of Munich, Germany.
- Wasim Shahid Malik & Musleh-ud Din, 2008.
"Monetary Policy Transparency in Pakistan: An Independent Analysis,"
PIDE-Working Papers
2008:44, Pakistan Institute of Development Economics.
- Wasim Shahid Malik & Musleh-ud Din, 2008. "Monetary Policy Transparency in Pakistan : An Independent Analysis," Macroeconomics Working Papers 22214, East Asian Bureau of Economic Research.
- Sebastian Gomez-Barrero & Julian A. Parra-Polania, 2014. "Central Bank Strategic Forecasting," Contemporary Economic Policy, Western Economic Association International, vol. 32(4), pages 802-810, October.
- Petra Geraats, 2014. "Monetary Policy Transparency," CESifo Working Paper Series 4611, CESifo.
- van der Cruijsen, Carin A.B. & Eijffinger, Sylvester C.W. & Hoogduin, Lex H., 2010.
"Optimal central bank transparency,"
Journal of International Money and Finance, Elsevier, vol. 29(8), pages 1482-1507, December.
- van der Cruijsen, C.A.B. & Eijffinger, S.C.W. & Hoogduin, L.H., 2008. "Optimal Central Bank Transparency," Other publications TiSEM 0b197ae2-58ca-4a78-82a1-d, Tilburg University, School of Economics and Management.
- van der Cruijsen, C.A.B. & Eijffinger, S.C.W. & Hoogduin, L.H., 2010. "Optimal Central Bank transparency," Other publications TiSEM 2b8c15dd-bc41-4053-942b-9, Tilburg University, School of Economics and Management.
- van der Cruijsen, C.A.B. & Eijffinger, S.C.W. & Hoogduin, L.H., 2008. "Optimal Central Bank Transparency," Discussion Paper 2008-59, Tilburg University, Center for Economic Research.
- Eijffinger, Sylvester & Hoogduin, Lex & van der Cruijsen, Carin, 2008. "Optimal Central Bank Transparency," CEPR Discussion Papers 6889, C.E.P.R. Discussion Papers.
- Petra M. Geraats, 2006.
"Transparency of Monetary Policy: Theory and Practice,"
CESifo Economic Studies, CESifo Group, vol. 52(1), pages 111-152, March.
- Geraats, P.M, 2005. "Transparency of Monetary Policy: Theory and Practice," Cambridge Working Papers in Economics 0549, Faculty of Economics, University of Cambridge.
- Petra Geraats, 2005. "Transparency of Monetary Policy: Theory and Practice," CESifo Working Paper Series 1597, CESifo.
- repec:spo:wpecon:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
- Geraats, P.M., 2005.
"Political Pressures and Monetary Mystique,"
Cambridge Working Papers in Economics
0557, Faculty of Economics, University of Cambridge.
- Petra Geraats, 2007. "Political Pressures and Monetary Mystique," CESifo Working Paper Series 1999, CESifo.
- repec:hal:wpspec:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
- Jonathan G. James & Phillip Lawler, 2011. "Optimal Policy Intervention and the Social Value of Public Information," American Economic Review, American Economic Association, vol. 101(4), pages 1561-1574, June.
- repec:hal:spmain:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
- Paul Hubert, 2010. "Monetary policy, imperfect information and the expectations channel [Politique monétaire,information imparfaite et canal des anticipations]," SciencePo Working papers Main tel-04095385, HAL.
- 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.).
- repec:spo:wpmain:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
- repec:hal:spmain:info:hdl:2441/5221 is not listed on IDEAS
- 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.
- Eijffinger, Sylvester & Geraats, Petra, 2002. "How Transparent are Central Banks?," CEPR Discussion Papers 3188, C.E.P.R. Discussion Papers.
- Eijffinger, S.C.W. & Geraats, P., 2006. "How transparent are central banks?," Other publications TiSEM b34dfb1f-520f-4787-a08f-5, Tilburg University, School of Economics and Management.
- Eijffinger, S.C.W. & Geraats, P., 2002. "How Transparent are Central Banks?," Other publications TiSEM fbb8af2d-0508-4185-9710-4, Tilburg University, School of Economics and Management.
- Eijffinger, S.C.W. & Geraats, P.M., 2004. "How Transparent Are Central Banks?," Cambridge Working Papers in Economics 0411, Faculty of Economics, University of Cambridge.
- Marco Hoeberichts, 2002.
"The Credibility of Central Bank Announcements,"
Working Papers
0221, Banco de España.
- Hoeberichts, Marco, 2002. "The credibility of central bank announcements," CFS Working Paper Series 2002/09, Center for Financial Studies (CFS).
More about this item
Keywords
Central Bank Announcements; Monetary Policy; Transparency.;All these keywords.
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
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2012-06-13 (Central Banking)
- NEP-CTA-2012-06-13 (Contract Theory and Applications)
- NEP-MAC-2012-06-13 (Macroeconomics)
- NEP-MON-2012-06-13 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:borrec:711. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.