: 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 …

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 …

There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper …. Furthermore, it reviews the theoretical literature on monetary policy transparency and relevant empirical findings. The focus is …

. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic …

indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …

Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of … the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and …, but may reduce it when uncertainty is low. The findings underline the limits to transparency and stress the need for …

. This practice is remarkable, as it seems to contradict the virtue of transparency by requiring central banks to withhold … the limits to central bank transparency. …