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Which Kind of Transparency? On the Need for Clarity in Monetary Policy-Making
Open accessAbstract
In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple terms to be of practical relevance. This paper suggests a conceptual framework, which distinguishes different - and potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the central bank and its audience. JEL Classification: E42, E52, E58, F58
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Citations
Cites
Strategic information transmission
Crawford, V. P., & Sobel, J. (1982) · Econometrica · doi:10.2307/1913390 · Cited by 4,293
Cited by
Schnackenberg, A. K., & Tomlinson, E. C. (2016) · Journal of Management · doi:10.1177/0149206314525202 · Cited by 762
The ethics of information transparency
Turilli, M., & Floridi, L. (2009) · Ethics and Information Technology · doi:10.1007/s10676-009-9187-9 · Cited by 419
Transparenting Transparency: Initial Empirics and Policy Applications
Kaufmann, D., & Bellver, A. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.808664 · Cited by 271
Metadata
- Authors
- Winkler, B.
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 2000
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W1606785217
- Cited by
- 207
- References
- 1
- Type
- posted content
- Language
- en
- Open access
- green
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