Central Bank Transparency: Where, Why, and with What Effects?

53 Pages Posted: 6 Apr 2007 Last revised: 12 Jan 2022

See all articles by N. Nergiz Dincer

N. Nergiz Dincer

TED University; TED University Trade Research Center (TEDUTRC); Economic Research Forum

Barry Eichengreen

University of California, Berkeley; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Date Written: March 2007

Abstract

Greater transparency in central bank operations is the most dramatic change in the conduct of monetary policy in recent years. In this paper we present new information on its extent and effects. We show that the trend is general: a large number of central banks have moved in the direction of greater transparency since the late 1990s. We then analyze the determinants and effects of central bank transparency in an integrated empirical framework. Transparency is greater in countries with more stable and developed political systems and deeper and more developed financial markets. Our preliminary analysis suggests broadly favorable if relatively weak impacts on inflation and output variability.

Suggested Citation

Dincer, Nazire Nergiz and Eichengreen, Barry, Central Bank Transparency: Where, Why, and with What Effects? (March 2007). NBER Working Paper No. w13003, Available at SSRN: https://ssrn.com/abstract=978909

Nazire Nergiz Dincer

TED University ( email )

Ziya Gokalp Bulvari No: 48
Kolej Çankaya, Ankara 06420
Turkey

TED University Trade Research Center (TEDUTRC) ( email )

Ziya Gokalp Bulvari No: 48
Kolej Çankaya, Ankara 06420
Turkey

Economic Research Forum ( email )

21 Al-Sad Al-Aaly St.
(P.O. Box: 12311)
Dokki, Cairo
Egypt

Barry Eichengreen (Contact Author)

University of California, Berkeley ( email )

310 Barrows Hall
Berkeley, CA 94720
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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