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Does too much Transparency of Central Banks Prevent Agents from Using their Private Information Efficiently?
Lindner, Axel - Institut für Wirtschaftsforschung Halle (IWH) - 2007
complements, for which case it has been argued that too much transparency might induce agents to neglect their private knowledge. …
Persistent link: https://www.econbiz.de/10005426808
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Evaluating Communication Strategies for Public Agencies: Transparency, Opacity, and Secrecy
Lindner, Axel - In: Topics in Macroeconomics 9 (2009) 1, pp. 1801-1801
This paper analyses in a simple global games framework welfare effects stemming from different communication strategies of public agencies if strategies of agents are complementary to each other: communication can either be fully transparent, or the agency opaquely publishes only its overall...
Persistent link: https://www.econbiz.de/10005046451
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How avoiding overreaction to public information? Some insights on central bank communication practices
Trabelsi, Emna - Economics and Econometrics Research Institute (EERI) - 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/10010860044
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Central bank communication: fragmentation as an engine for limiting the publicity degree of information
Trabelsi, Emna - Volkswirtschaftliche Fakultät, … - 2010
In earlier theoretical framework, Morris and Shin (2002) highlight the potential dangers of transparency policy. In …
Persistent link: https://www.econbiz.de/10008694017
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The pros and cons of higher transparency : the case of speculative attacks
ALLEGRET, Jean-Pierre; CORNAND, Camille - Institut de Recherche Économique et Sociale (IRES), … - 2006
The aim of this paper is to evaluate to what extent more transparency can reduce the occurrence of speculative attacks …. It proposes a survey of the literature about the pros and cons of transparency on the exchange rate market, which is one … of the main pillars of the new international financial architecture. The effects of transparency are shown to be …
Persistent link: https://www.econbiz.de/10004985502
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Public Communication and Information Acquisition
Chahrour, Ryan - Department of Economics, Boston College - 2012
This paper models the tradeoff, perceived by central banks and other public actors, between providing the public with useful information and the risk of overwhelming it with excessive communication. An information authority chooses how many signals to provide regarding an aggregate state and...
Persistent link: https://www.econbiz.de/10010938553
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Monetary Policy Committee Transparency: Measurement,Determinants, and Economic Effects
Hayo, Bernd; Mazhar, Ummad - Volkswirtschaft Abteilung, Fachbereich … - 2011
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers … variables and institutional transparency, as well as instrumenting MPCT in various ways. …
Persistent link: https://www.econbiz.de/10009322966
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Why the Publication of Socially Harmful Information May Be Socially Desirable
Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 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/10008536878
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Central banks' macroeconomic projections and learning
Ferrero, Giuseppe; Secchi, Alessandro - Banca d'Italia - 2010
We study the impact of the publication of central banks� macroeconomic projections on the dynamic properties of an economy where (i) private agents have incomplete information and form their expectations using recursive learning algorithms; (ii) the short-term nominal interest rate is set...
Persistent link: https://www.econbiz.de/10008764925
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Limited higher order beliefs and the welfare effects of public information
Cornand, Camille; Heinemann, Frank; Tobias - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 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/10011277277