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How Transparent are Central Banks?

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  • Eijffinger, Sylvester
  • Geraats, Petra

Abstract

Central bank transparency has become the topic of a lively public and academic debate on monetary policy. Unfortunately, it has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This Paper proposes a comprehensive index for central bank transparency that comprises the political, economic, procedural, policy and operational aspects of central banking. The index is compiled for nine major central banks. It is based on an analysis of information disclosure practices and reveals a rich variety in the degree of central bank transparency.

Suggested Citation

  • Eijffinger, Sylvester & Geraats, Petra, 2002. "How Transparent are Central Banks?," CEPR Discussion Papers 3188, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:3188
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    More about this item

    Keywords

    Central banking; Monetary policy; Independence; Accountability; 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

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