Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 2002
We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small … analytical model, which concludes that transparency affects the variability of inflation and output and not their average levels … explain however, about 50% of the variability in inflation. The relation between transparency and output volatility is less …
