The Role of Transparency in the Conduct of Monetary Policy:
In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy. Detailed analysis of eleven OECD central banks shows that communication practices have converged markedly in the direction of ever gr...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
no.724 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy. Detailed analysis of eleven OECD central banks shows that communication practices have converged markedly in the direction of ever greater transparency. Empirical evidence is consistent with the hypothesis that transparency contributes to the successful conduct of monetary policy: higher transparency is a typical element of monetary frameworks that are associated with better anchored inflation expectations and more stable inflation outcomes. Despite this general trend toward increased transparency, however, central banks differ in actual communication practices. There is a particular divergence with respect to transparency in the decision-making process and communication regarding future policy inclination. Although the appropriate degree of transparency in these areas is an unsettled issue, the fact that financial dislocation is impairing conventional monetary transmission makes these two areas critical for policy implementation. |
| Beschreibung: | 1 Online-Ressource (60 p.) 21 x 29.7cm. |
| DOI: | 10.1787/221128317344 |
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| spelling | Minegishi, Makoto VerfasserIn aut The Role of Transparency in the Conduct of Monetary Policy Makoto, Minegishi and Boris, Cournède = Le rôle de la transparence dans la conduite de la politique monétaire / Makoto, Minegishi et Boris, Cournède Le rôle de la transparence dans la conduite de la politique monétaire Paris OECD Publishing 2009 1 Online-Ressource (60 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.724 In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy. Detailed analysis of eleven OECD central banks shows that communication practices have converged markedly in the direction of ever greater transparency. Empirical evidence is consistent with the hypothesis that transparency contributes to the successful conduct of monetary policy: higher transparency is a typical element of monetary frameworks that are associated with better anchored inflation expectations and more stable inflation outcomes. Despite this general trend toward increased transparency, however, central banks differ in actual communication practices. There is a particular divergence with respect to transparency in the decision-making process and communication regarding future policy inclination. Although the appropriate degree of transparency in these areas is an unsettled issue, the fact that financial dislocation is impairing conventional monetary transmission makes these two areas critical for policy implementation. Economics Cournède, Boris MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/221128317344 Volltext |
| spellingShingle | Minegishi, Makoto The Role of Transparency in the Conduct of Monetary Policy Economics |
| title | The Role of Transparency in the Conduct of Monetary Policy |
| title_alt | Le rôle de la transparence dans la conduite de la politique monétaire |
| title_auth | The Role of Transparency in the Conduct of Monetary Policy |
| title_exact_search | The Role of Transparency in the Conduct of Monetary Policy |
| title_full | The Role of Transparency in the Conduct of Monetary Policy Makoto, Minegishi and Boris, Cournède = Le rôle de la transparence dans la conduite de la politique monétaire / Makoto, Minegishi et Boris, Cournède |
| title_fullStr | The Role of Transparency in the Conduct of Monetary Policy Makoto, Minegishi and Boris, Cournède = Le rôle de la transparence dans la conduite de la politique monétaire / Makoto, Minegishi et Boris, Cournède |
| title_full_unstemmed | The Role of Transparency in the Conduct of Monetary Policy Makoto, Minegishi and Boris, Cournède = Le rôle de la transparence dans la conduite de la politique monétaire / Makoto, Minegishi et Boris, Cournède |
| title_short | The Role of Transparency in the Conduct of Monetary Policy |
| title_sort | role of transparency in the conduct of monetary policy |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/221128317344 |
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