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Central banks and information provided to the private sector

Author

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  • Giovanni Di Bartolomeo

    (UNIVERSITÀ DEGLI STUDI DI ROMA “LA SAPIENZA”)

  • Enrico Marchetti

    (UNIVERSITÀ DEGLI STUDI DI ROMA “LA SAPIENZA”)

Abstract

This paper examines the information provided to the private sector by central anks. By using the principal component analysis, we investigated the variance of the procedural rules followed by nine major central banks about information reatments. We investigate problems related to the information coming from the entral banks by focusing on the quantity and quality perspectives and highlight the methodological complexity of the investigation. We find that a synthetic uantitative index of transparency is not enough to represent the phenomenon ince it can result misleading in understanding the behavior of institutionally different central banks associated with the same index values.

Suggested Citation

  • Giovanni Di Bartolomeo & Enrico Marchetti, 2005. "Central banks and information provided to the private sector," Macroeconomics 0504025, University Library of Munich, Germany, revised 27 Apr 2005.
    • Handle: RePEc:wpa:wuwpma:0504025
    Note: Type of Document - pdf; pages: 30
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    9. 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.
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    11. Gylfason, Thorvaldur & Lindbeck, Assar, 1994. "The Interaction of Monetary Policy and Wages," Public Choice, Springer, vol. 79(1-2), pages 33-46, April.
    12. Cukierman, Alex & Lippi, Francesco, 1998. "Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Evidence," CEPR Discussion Papers 1847, C.E.P.R. Discussion Papers.
    13. Faust, Jon & Svensson, Lars E O, 2001. "Transparency and Credibility: Monetary Policy with Unobservable Goals," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(2), pages 369-397, May.
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    16. Guzzo, Vincenzo & Velasco, Andres, 1999. "The case for a populist Central Banker," European Economic Review, Elsevier, vol. 43(7), pages 1317-1344, June.
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    Cited by:

    1. Demertzis, Maria & Hughes Hallett, Andrew, 2007. "Central Bank transparency in theory and practice," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 760-789, December.
    2. Dai, Meixing & Sidiropoulos, Moïse, 2008. "Central bank's conservativeness and transparency," Research in Economics, Elsevier, vol. 62(4), pages 179-187, December.
    3. Giuseppe Ciccarone & Enrico Marchetti, 2008. "Linear Contracts, Common Agency and Central Bank Preference Uncertainty," Working Papers in Public Economics 115, University of Rome La Sapienza, Department of Economics and Law.
    4. Ullrich, Katrin, 2008. "Inflation expectations of experts and ECB communication," The North American Journal of Economics and Finance, Elsevier, vol. 19(1), pages 93-108, March.
    5. Di Bartolomeo Anna & Di Bartolomeo Giovanni, 2007. "Integration of migrants in Italy: A simple general and objective measure," wp.comunite 0010, Department of Communication, University of Teramo.
    6. Giuseppe Ciccarone & Giovanni Di Bartolomeo & Enrico Marchetti, 2005. "Supply- side Fiscal Policy, Conservativeness, and Central Bank trasparency," Working Papers in Public Economics 77, University of Rome La Sapienza, Department of Economics and Law.
    7. Giuseppe Ciccarone & Enrico Marchetti, 2012. "Optimal linear contracts under common agency and uncertain central bank preferences," Public Choice, Springer, vol. 150(1), pages 263-282, January.
    8. Carbonai, Davide & Di Bartolomeo, Giovanni, 2006. "Interlocking directorates as a thrust substitute: The case of the Italian non-life insurance industry," MPRA Paper 4420, University Library of Munich, Germany.
    9. Elton Beqiraj & Giovanni Di Bartolomeo & Marco Di Pietro & Carolina Serpieri, 2017. "Resilience, crisis contagion, and vulnerability in Central Europe and the Baltics," JRC Research Reports JRC109632, Joint Research Centre.

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    More about this item

    Keywords

    Central bank transparency; principal components; monetary policy.;
    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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