Arbeitspapier
Peer effects in central banking
We provide a new explanation for why central banks have become transparent over the last three decades. We apply recently developed social interaction panel regression models for the observational data, which allow the identification of peer effects. The identification is based on variations in the past monetary policy régime exogenously determined with respect to transparency. Previous literature has argued that domestic factors such as macroeconomic stability were behind the trend toward greater transparency. In contrast, our results indicate that transparency primarily increased because of a favorable global environment and, importantly, because of the peer effects among central bankers. Central bankers thus learned from each other's experiences regarding transparency. To our knowledge, our paper is the first econometric analysis of peer effects among public institutions or in the macroeconomic literature.
- Sprache
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Englisch
- Erschienen in
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Series: IES Working Paper ; No. 24/2020
- Klassifikation
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Wirtschaft
Multiple or Simultaneous Equation Models: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Central Banks and Their Policies
- Thema
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peer effects
central banks
transparency
- Ereignis
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Geistige Schöpfung
- (wer)
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Horváth, Roman
- Ereignis
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Veröffentlichung
- (wer)
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Charles University in Prague, Institute of Economic Studies (IES)
- (wo)
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Prague
- (wann)
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2020
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:21 MESZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Horváth, Roman
- Charles University in Prague, Institute of Economic Studies (IES)
Entstanden
- 2020