According to most academics and policymakers, transparency in monetary policymaking is desirable. I examine this … proposition in a small theoretical model emphasizing forwardlooking private sector behavior. Transparency makes it easier for …, transparency may be disadvantageous. It may actually be a policy-distorting straitjacket if the central bank enjoys low …

: transparency of actual monetary policy and the question of who bears final responsibility for monetary policy. The paper shows that … accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks … der Notenbanken vor. Dabei werden zwei Aspekte der Rechenschaftspflicht in Betracht gezogen: die Transparenz der aktuellen …