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

transparency reduces the inflationary bias and gives the central bank greater flexibility to respond to shocks in the economy …. Furthermore, it makes it easier for a central bank to build a reputation. To achieve these benefits of transparency it is …

Central bank transparency has become the topic of a lively public and academic debate on monetary policy. Unfortunately …, it has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This Paper … proposes a comprehensive index for central bank transparency that comprises the political, economic, procedural, policy and …

I analyse central bank transparency when the central bank's objective function is its private information. Non-transparency … central bank's objective. The degree of transparency is defined as the fraction of the inflation-control error that is … optimally to shocks; lower inflation is not at the expense of flexibility. Increased transparency lowers planned inflation, but …

How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We … (particularly Latent Dirichlet Allocation) to measure the effect of increased transparency on debate. Commentators have hypothesized … the career concerns literature uncovers evidence for both effects. However, the net effect of increased transparency …

. It shows that goal-independence and goal-transparency (an explicit inflation target) at the central bank are substitute … ‘commitment technologies’ that reduce inflation and build credibility. In addition, goal-transparency is shown to be socially … they perceive public scrutiny (accountability) as intrusive. Combining these findings implies that both goal-transparency …