Which kind of transparency? On the need for clarity in monetary policy-making

Arbeitspapier

In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple terms to be of practical relevance. This paper suggests a conceptual framework, which distinguishes different - and potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the central bank and its audience.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 26

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Monetary Policy ; Central Banks and Their Policies
• Thema: communication ; monetray policy strategy ; transparency

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Winkler, Bernhard
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2000

Weitere Informationen

• Handle: http://hdl.handle.net/10419/152460
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ