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. … banker's preferences for inflation stabilization relative to output stabilization. Transparency enhances the central bank …

they perceive public scrutiny (accountability) as intrusive. Combining these findings implies that both goal-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 …

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 …

Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan … also in ensuring their soundness and stability. In this paper we study the specific corporate governance structures of a … public governance literatures, where present. Our analysis highlights a striking variety in central bank governance …

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

wasteful projects are often attributed to weak mechanisms of accountability, such as inadequate opportunities for voters to … exercise oversight, or capture of the political governance mechanism by special interests. This paper argues instead that … wasteful spending may be a by-product of the accountability of politicians to their voters, not a symptom of its weakness or …

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 …

The literature has often commented on, but seldom explicitly analysed, the effects of a lack of transparency in … the effects of a lack of transparency will be very different depending on whether they reflect preference or goal … uncertainties: that is, whether they represent a lack of political transparency or a lack of economic transparency. The former …

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