2006
DOI: 10.1016/j.ejpoleco.2005.09.013
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How transparent are central banks?

Abstract: 12Central bank transparency has become the topic of a lively public and academic debate on monetary 13 policy. However, this has been complicated by the fact that transparency is a qualitative concept that is hard 14 to measure. This paper proposes an index for the transparency of monetary policy that comprises the 15 political, economic, procedural, policy and operational aspects of central banking. The index is compiled 16 for nine major central banks. It is based on a detailed analysis of actual information… Show more

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Cited by 374 publications
(289 citation statements)
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References 17 publications
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“…Country-specific effects cannot be excluded (F(8,752) = 3.78***; 3.96***; 4.26***; 4.96***; 5.95***; 3.90***; 5.92***; 2.57***; 5.00***; 4.72***). An excerpt of the Eijffinger and Geraats (2006) questionnaire can be found in the Appendix. Full tables are available on request.…”
Section: Multi-country Resultsmentioning
confidence: 99%
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“…Country-specific effects cannot be excluded (F(8,752) = 3.78***; 3.96***; 4.26***; 4.96***; 5.95***; 3.90***; 5.92***; 2.57***; 5.00***; 4.72***). An excerpt of the Eijffinger and Geraats (2006) questionnaire can be found in the Appendix. Full tables are available on request.…”
Section: Multi-country Resultsmentioning
confidence: 99%
“…Another novel aspect of this paper is that we assess the influence of all subcategories of Eijffinger and Geraats's (2006) transparency index (political, economic, procedural, policy, and operational). The results are displayed in Table 3.…”
Section: Multi-country Resultsmentioning
confidence: 99%
See 1 more Smart Citation
“…As another novel aspect of this paper, we assess the influence of all subcategories and the corresponding questions of Eijffinger and Geraats's (2006) transparency index. For this purpose, we replace the overall transparency index with a particular subcategory (political, economic, procedural, policy, or operational) or question.…”
Section: Empirical Results For Subcategories and Questions Of The Tramentioning
confidence: 99%
“…Coppel and Connolly (2003) find that the extent to which market participants anticipate changes in the policy rate has gradually increased since the late 1980s, as has the speed of reaction to interest rate announcements. Andersson and Hoffmann (2009) Neuenkirch (2011) and examine the influence of transparency as measured by Eijffinger and Geraats's (2006)broad index 6 (and its subcomponents) on the course of short-term interest rates.…”
Section: Introductionmentioning
confidence: 99%