‘transparency’ characteristics, therefore the Bank of England should do better than both the Bundesbank and ECB. However, studies … from transparency should also show in a narrowing of the diversity in cross sectional forecasts, this paper extends the … existing literature in an attempt to reconcile the contradictory evidence on ‘transparency’ of both banks. We show that the …

‘transparency’ our argument is slightly different, though we come to a similar conclusion. Unlike independence, ‘transparency’ does … address a real problem for central banks. However, the evidence suggests that transparency is not the only, or even the best …

‘transparency’ characteristics, therefore the Bank of England should do better than the Bundesbank/ECB. We show that this is not … confirmed by agents’ ability to anticipate central bank decisions. Furthermore, benefits from transparency should also show in a … under the Bundesbank/ECB than the Bank of England. This suggests that other factors than ‘transparency’ may affect interest …

There is a widespread belief that the transparency of UK monetary policy has increased substantially as a result of the … of agents’ anticipation. If the benefit of transparency is the elimination of policy surprise, there is little benefit if …

unanimity of money market rates. Rising forecasting uncertainty may either be due to a lack of ECB transparency or to larger …