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La politique de diffusion de l'information : La transparence des banques centrales est-elle toujours préférable?

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  • Jean-Pierre Allegret

    (GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique, ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines)

  • Camille Cornand

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, LSE - London School of Economics and Political Science)

Abstract

Transparency is one of the main pillars of central banks and international institutions. From their point of view, higher informational transparency improves their efficacy. The aim of this paper is to evaluate in what extent this strategy is beneficial or not. It proposes a survey of the literature based on coordination games. We show that an increase in informational transparency can lead to sub-optimal results. Indeed in providing a focal point for the beliefs of agents, public information facilitates coordination and so over-reaction behaviors. We do not deduce from this result that transparency is useless. We stress that it is necessary to adapt the communication policy to an environment characterized by strategic complementarities. To this end, we analyze several tools of information disclosure.

Suggested Citation

  • Jean-Pierre Allegret & Camille Cornand, 2006. "La politique de diffusion de l'information : La transparence des banques centrales est-elle toujours préférable?," Post-Print hal-00279383, HAL.
    • Handle: RePEc:hal:journl:hal-00279383
    DOI: 10.3406/rfeco.2006.1590
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    Cited by:

    1. Trabelsi, Emna, 2010. "Central bank communication: fragmentation as an engine for limiting the publicity degree of information," MPRA Paper 26647, University Library of Munich, Germany.

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