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Transparency in Monetary Policy, Signaling, and Heterogeneous Information
Hahn, Volker - 2010
In this paper we examine whether publishing the information underlying the central bank's decisions is socially desirable. We show that opacity may lead to the same equilibrium as transparency. However, additional equilibria may emerge under opacity with adverse consequences for welfare....
Persistent link: https://www.econbiz.de/10013147417
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Central Bank Transparency and Information Dissemination : An Experimental Approach
Hichri, Walid - 2014
that the destabilizing effect of public information is less pronounced experimentally than when it does in theory. This is …
Persistent link: https://www.econbiz.de/10013061847
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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
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Endogenous public information and welfare
Vives, Xavier - 2011
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009153832
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Endogenous public information and welfare
Vives, Xavier - 2011
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009259934
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - 2001
Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …
Persistent link: https://www.econbiz.de/10011419293
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - 2001
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 price setters to infer the central bank's future policy...
Persistent link: https://www.econbiz.de/10001558074
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Communication, Decision-Making and the Optimal Degree of Transparency of Monetary Policy Committees
Weber, Anke - 2016
This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have...
Persistent link: https://www.econbiz.de/10012991250
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Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market
Middeldorp, Menno H. - 2011
Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to...
Persistent link: https://www.econbiz.de/10013128675
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Central bank transparency and the crowding out of private information in an experimental asset market
Middeldorp, Menno; Rosenkranz, Stephanie - 2011
Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to...
Persistent link: https://www.econbiz.de/10008936428