Transparency has become a prominent feature of monetary policy as central banks have greatly increased the amount of information they disclose about monetary policy-making. This paper is the first to systematically analyse transparency trends throughout the world and across monetary policy...

Central banks have become increasingly transparent during the last decade. One of the main benefits of transparency predicted by theoreticalmodels is that it enhances the credibility, reputation, and flexibility of monetary policy, which suggests that increased transparency should result in...

Transparency has become one of the main features of monetary policymaking during the last decade. This article establishes stylized facts and provides a systematic overview of the practice of monetary policy transparency around the world. It shows much diversity in information disclosure, even...

Recently, several central banks have abandoned the usual secrecy in monetary policy and become very transparent. This paper provides an explanation for this puzzling fact, focusing on the disclosure of central bank forecasts. It shows that transparency reduces the inflationary bias and gives the...

Central bank transparency has become one of the key features of monetary policy recently. This survey article provides a structured review of the theoretical literature on the consequences of transparency of monetary policy, proposing a distinction between uncertainty and incentive effects of...

Recently, several central banks have abandoned the usual secrecy in monetary policy and become very transparent. This paper provides an explanation for this puzzling fact, focusing on the disclosure of central bank forecasts. It shows that transparency reduces the inflationary bias and gives the...

Despite the recent trend towards greater transparency of monetary policy, in many respects mystique still prevails in central bank speak. This paper shows that the resulting perception of ambiguity could be desirable. Under the plausible assumption of imperfect common knowledge about the degree...

This paper introduces a general objective function for monetary policy that abandons certainty equivalence and features 'prudence'. It provides an alternative explanation for the positive relation between the level and variability of inflation, both across countries and over time. In particular,...