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How avoiding overreaction to public information? : some insights on central bank communication practices

Trabelsi, Emna - 2012

It is argued in literature that transparency may be detrimental to welfare. Morris and Shin (2002) suggest reducing the …

Persistent link: https://www.econbiz.de/10011526649

Why the publication of socially harmful information may be socially desirable

Hahn, Volker - 2009 - This version: November 2009

signaling incentives under opacity. Our model may also explain the recent trend towards more transparency in monetary policy. …

Persistent link: https://www.econbiz.de/10008746680

Information Design, Signaling, and Central Bank Transparency

Tamura, Wataru - 2018

This study examines monetary policy and central bank communication when a monetary instrument signals the central bank's private information. A novel feature is that the central bank ex ante determines how much information it acquires and how much of this information it releases to the public....

Persistent link: https://www.econbiz.de/10012930476

Limited higher order beliefs and the welfare effects of public information

Cornand, Camille; Heinemann, Frank - 2013

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...

Persistent link: https://www.econbiz.de/10009787097

Endogenous Information and Central Bank Transparency

Tamura, Wataru - 2015

This paper studies monetary policy under discretion when the central bank ex ante determines information to be acquired and made public. In a general setting, wherein a monetary instrument signals the central bank's private information, I show that an optimal information policy comprises the...

Persistent link: https://www.econbiz.de/10013026571

Transparency in Monetary Policy, Signaling, and Heterogeneous Information

Hahn, Volker - 2010

desirable. We show that opacity may lead to the same equilibrium as transparency. However, additional equilibria may emerge … and its effects on inflation and output. In this case, transparency has ambiguous effects. It reduces output variance and … the distortions stemming from heterogeneous information. However, transparency generally raises the variance of inflation …

Persistent link: https://www.econbiz.de/10013147417

Policy announcement design

Cieślak, Anna; Malamud, Semyon; Schrimpf, Andreas - 2020 - This version: December 15, 2019

We study the general problem of information design for a policymaker—a central bank—that communicates its private information (the ``state") to the public. We show that it is optimal for the policymaker to partition the state space into a finite number of ``clusters” and to communicate to...

Persistent link: https://www.econbiz.de/10012181571

Central bank reputation, cheap talk and transparency as substitutes for commitment : experimental evidence

Duffy, John; Heinemann, Frank - 2016 - This Draft: 2 December 2016

explore whether central bank cheap talk, policy transparency, both cheap talk and policy transparency or economic transparency …

Persistent link: https://www.econbiz.de/10011572114

The multi-faceted concept of transparency

Forssbæck, Jens; Oxelheim, Lars - 2014

Transparency has become a catchword and in the economic-political debate is often seen as a universal remedy for all … sorts of problems. In this paper, we analyze and discuss the meaning and use of the concept of transparency in economic … research. We look for common denominators across different areas where the concept is used, and find that transparency in …

Persistent link: https://www.econbiz.de/10010393290

Optimal Public Communication

Gagliardone, Luca - 2022

A benevolent planner chooses optimally whether and how to disclose publicly a private forecast of fundamentals to a large number of informed small agents. These agents interact in economic environments with information frictions, strategic complementarity or substitutability in actions, and a...

Persistent link: https://www.econbiz.de/10014082668