low-income countries. Transmission is measured by the impulse response of bank lending rates to monetary policy shocks … there is wide variation in the response of bank lending rates to a monetary policy innovation across countries. Monetary … policy shocks are more likely to affect bank lending rates in the theoretically expected direction in countries that have …

. The model is one of the tools used for policy analysis and forecasting at the Swiss National Bank. …

This paper develops a theory of central bank accountability. Two aspects of accountability are considered. The first …. Transparency enhances the central bank’s accountability. Another way to make the central bank accountable is to shift final … central bank lower. The paper shows that accountability through transparency leads to a lower expected rate of inflation and …