Trends in Monetary Policy Transparency
By P. Geraats. Social Science Research Network, 2009
156 citations recorded by the source corpus.
Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary policy frameworks. It shows that increases in information disclosure have not been confined to inflation targeting but extend to other monetary policy frameworks, although there are significant differences. In addition, countries with higher inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency has been followed by lower average inflation.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/ee008e2d9f5bd6f83ad12481e91b1ca295fc9087
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Citations in the corpus
- Fed Speak on Main Street (2016, unknown): “Transparency appears to be associated with macroeconomic benefits, including lower inflation ( Chortareas et al., 2002; Geraats, 2009 ).”
- The information content of central bank minutes (2012, unknown): “5 Geraats (2009) reports that, in 2006, only 16 out of 98 surveyed central banks published minutes within eight weeks of the policy decision, and only 10 central banks published voting records.”
- State of the art of inflation targeting (2012, background): “Since the early 1990s, all central banks have become more transparent, as openness has replaced mystique as a guide to monetary policy, but inflation targeters are the most transparent (Geraats (2009)).”