We investigate the relationship between inflation uncertainty and monetary policy transmission in the U.S. economy … through the external finance premium and the term structure of interest rates appears strongly dependent on inflation …

inflation and on unemployment. This relationship can be motivated by the existence of the Taylor rule. Using micro survey data … mainly driven by disagreement on inflation. Exploring further determinants, we confirm that central bank transparency as well …

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht …