The Economic Impact of Central Bank Transparency: A Survey

CentER Discussion Paper Series No. 2007-06

43 Pages Posted: 9 Feb 2007

See all articles by Carin van der Cruijsen

Carin van der Cruijsen

De Nederlandsche Bank

Sylvester C. W. Eijffinger

Tilburg University (CentER) - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 2 versions of this paper

Date Written: January 2007

Abstract

We provide an up-to-date overview of the literature on the desirability of central bank transparency from an economic viewpoint. Since the move towards more transparency, a lot of research on its effects has been carried out. First, we show how the theoretical literature has evolved, by looking into branches inspired by Cukierman and Meltzer (1986) and by investigating several, more recent, research strands (e.g. coordination and learning). Then, we summarize the empirical literature which has been growing more recently. Last, we discuss whether: - the empirical research resolves all theoretical question marks, - how the findings of the literature match the actual practice of central banks, and - where there is scope for more research.

Keywords: central bank transparency, monetary policy, survey

JEL Classification: E31, E52, E58

Suggested Citation

van der Cruijsen, Carin and Eijffinger, Sylvester C. W., The Economic Impact of Central Bank Transparency: A Survey (January 2007). Available at SSRN: https://ssrn.com/abstract=962355 or http://dx.doi.org/10.2139/ssrn.962355

Carin van der Cruijsen (Contact Author)

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

HOME PAGE: http://www.dnb.nl/en/onderzoek-2/onderzoekers/overzicht-persoonlijke-paginas/index.jsp

Sylvester C. W. Eijffinger

Tilburg University (CentER) - Department of Economics ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands
+31 13 466 2411 (Phone)
+31 13 466 3042 (Fax)

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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