Die Leitzinsen der Zentralbanken sind ein bedeutendes Politikinstrument. Weil jedoch Zentralbänker und nicht Regierungen die Leitzinsen bestimmen, haben Politiker einen Anreiz, Zentralbänker derart zu beeinflussen, dass die Zinssätze nach dem Belieben der Politik verändert werden. Niklas...

This paper aims at contributing to the research agenda on the sources of price stickiness, showing that the adoption of nominal price rigidity may be an optimal firms' reaction to the consumers' behavior, even if firms have no adjustment costs. With regular broadly accepted assumptions on...

We use laboratory experiments with human subjects to test the relevance of different inflation targeting regimes. In particular and within the standard New Keynesian model, we evaluate to what extent communication of the inflation target is relevant to the success of inflation targeting. We find...

To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two options, opacity versus truthful communication. However, the monetary policymaker may have incentives to misrepresent private information so as to reduce economic volatility by...

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing...

The effectiveness of monetary policy hinges on the central bank's ability to influence market expectations. Central bank transparency is a means toward this end. However, the more effective the central bank is at influencing the market's expectations, the greater is the potential for market...

The majority of academic research on central bank communication has analysed a central bank’s audience as a single group. Analyses, especially empirical research, have focused almost exclusively on a central bank’s interaction with the financial markets, facilitated by the availability of...

We report transparency scores and growth indicators for the euro area and various classes of potential euro area candidates. We then study currency union stabilization when monetary policy transparency may be imperfect and supply conditions may be country-specific. Sectoral productivity shocks...

This paper argues that a central bank’s optimal policy in response to a cost-push shock depends upon its disclosure regime. More precisely, a credible central bank may find it optimal to implement an accommodative monetary policy in response to a positive cost-push shock whenever the...

This paper examines the information provided to the private sector by centralbanks. By using the principal component analysis, we investigated the variance of the procedural rules followed by nine major central banks about informationtreatments. We investigate problems related to the information...