major sets of crises (post-World War I crisis and the Great Depression); the post-World War II financial lock-down, which …

Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank’s welfare decreases with …

Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … has been followed by lower average inflation. -- Transparency ; monetary policy ; central bank communication ; monetary …

around the world. It shows much diversity in information disclosure, even for central banks with the same monetary policy …

This paper empirically studies the impact of the quality of political institutions on the link between central bank … independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … nonlinearities, we employ interaction models to identify the conditions under which more central bank independence will enhance a …

This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out …