Despite the recent trend towards greater transparency of monetary policy, in many respects central bankers still prefer … plausible assumption that there is imperfect common knowledge about the degree of central bank transparency, economic outcomes … are affected by both the actual and perceived degree of transparency. It is shown that actual transparency is beneficial …

Central bank independence and transparency have become best practice in monetary policy. This paper cautions that … transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it …

Transparency has become one of the key features of monetary policy. This paper analyzes the reputational incentives … related to transparency, focusing on the publication of central bank forecasts. A simple dynamic monetary policy game shows … how transparency reduces inflation, as has been found empirically. Although transparency exposes weak central banks, the …