Central Bank Transparency: Causes, Consequences and Updates / Nergiz Dincer, Barry Eichengreen.

Format:

Book

Author/Creator:

Dincer, Nergiz.

Contributor:

National Bureau of Economic Research.

Eichengreen, Barry.

Series:

Working Paper Series (National Bureau of Economic Research) no. w14791.

NBER working paper series no. w14791

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Central Bank Transparency

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2009.

Summary:

We present updated estimates of central bank for 100 countries up through 2006 and use them to analyze both the determinants and consequences of monetary policy transparency in an integrated econometric framework. We establish that there has been significant movement in the direction of greater central bank transparency in recent years. Transparent monetary policy arrangements are more likely in countries with strong and stable political institutions. They are more likely in democracies, with their culture of transparency. Using these political determinants as instruments for transparency, we show that more transparency monetary policy operating procedures is associated with less inflation variability though not also with less inflation persistence.

Notes:

Print version record

March 2009.