: 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 …

: 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 …

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