In this paper we investigate central bank accountability by looking at the effect of transparency in a simple monetary …'s accountability. The paper shows that transparency leads to a lower expected rate of inflation and less stabilization of supply shocks. …

. Centralization allows benefits from policy coordination but has costs in terms of diminished accountability, which can be precisely …

wasteful spending may be a by-product of the accountability of politicians to their voters, not a symptom of its weakness or …Politicians frequently undertake projects whose budgetary costs are disproportionate to the benefits they create for … wasteful projects are often attributed to weak mechanisms of accountability, such as inadequate opportunities for voters to …

they perceive public scrutiny (accountability) as intrusive. Combining these findings implies that both goal …-transparency and accountability will be negatively related to goal-independence for which we present empirical support using …

cooperative monetary and fiscal policy. Central bank operational independence precludes substantive accountability; it is … compatible only with a weak form of formal accountability: reporting obligations. Central bank independence will only survive if …

partial, but strictly limited substitute for accountability. …

unwieldy to deliver a good policy mix and permit adequate accountability. One money is hardly compatible with eleven …