Monetary Mystique: Secrecy and Central Banking

47 Pages Posted: 22 Oct 2012

See all articles by Marvin Goodfriend

Marvin Goodfriend

Carnegie Mellon University - David A. Tepper School of Business; National Bureau of Economic Research (NBER)

Date Written: August 1, 1985

Abstract

The paper contains a theoretical discussion of the role of secrecy in the implementation of monetary policy. It documents the Federal Reserve's defense of secrecy as argued in a recent Freedom of Information Act suit. The Federal Reserve's arguments are evaluated on the basis of economic theory. Theoretical papers related to the secrecy issue are reviewed. The discussion highlights a number of potential benefits and costs of central banking secrecy, and identifies some conditions under which secrecy could be socially beneficial.

Suggested Citation

Goodfriend, Marvin, Monetary Mystique: Secrecy and Central Banking (August 1, 1985). Federal Reserve Bank of Richmond Working Paper No. 85-7, Available at SSRN: https://ssrn.com/abstract=2123478 or http://dx.doi.org/10.2139/ssrn.2123478

Marvin Goodfriend (Contact Author)

Carnegie Mellon University - David A. Tepper School of Business ( email )

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National Bureau of Economic Research (NBER)

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