Open Access

Is Central Banks’ Effectiveness Related to their Transparency? A Case of European Economies


Cite

Bajalan, S., Raei, R., Tehrani, R. (2012). Development of an Index for Measuring Transparency of Central Banks. Argumenta Oeconomica, 1 (28), 13–40.Search in Google Scholar

Baxter, M., King, R. (1999). Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series. Review of Economics and Statistics, 4 (81), 575–593. DOI: 10.1162/003465399558454.10.1162/003465399558454Open DOISearch in Google Scholar

Bini-Smaghi, L., Gros, D. (2001). Is the ECB Sufficiently Accountable and Transparent? European Network of Economic Policy Research Institutes Working Paper, 7.Search in Google Scholar

Blinder, A.S. (2001). Central Banking in Theory and Practice. Cambridge MA: The MIT Press.Search in Google Scholar

Blinder, A.S., Ehrmann, M., de Haan, J., Jansen, D.J. (2017). Necessity as the mother of invention: monetary policy after the crisis. European Central Bank Working Paper Series, 2047.10.2139/ssrn.2956205Search in Google Scholar

Blinder, A.S., Ehrmann, M., Fratzscher, M., de Haan, J., Jansen, D.J. (2008). Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence. Journal of Economic Literature, 4 (46), 910–945. DOI: 10.1257/jel.46.4.910. ·10.1257/jel.46.4.910Open DOISearch in Google Scholar

Christiano, L.,Fitzgerald, T. (2003). The Band Pass Filter. International Economic Review, 2 (44), 435–465. DOI: 10.1111/1468-2354.t01-1-00076.10.1111/1468-2354.t01-1-00076Open DOISearch in Google Scholar

Clinton, K., Hlédik, T., Holub, T., Laxton, D., Wang, H. (2017). Czech magic: Implementing inflation-forecast targeting at CNB. IMF Working Paper, 17/21.10.5089/9781475572971.001Search in Google Scholar

Coenen, G., Ehrmann, M., Gaballo, G., Hoffmann, P., Nakov, A., Nardelli, S., Persson, E., Strasser, G. (2017). Communication of monetary policy in unconventional times. European Central Bank Working Paper Series, 2080.10.2139/ssrn.3043098Search in Google Scholar

Crowe, C., Meade, E. (2008). Central Bank Independence and Transparency: Evolution and Effectiveness. European Journal of Political Economy, 4 (24), 763–777. DOI: 10.1016/j.ejpoleco.2008.06.004.10.1016/j.ejpoleco.2008.06.004Open DOISearch in Google Scholar

Cukierman, A.C., Meltzer, A.H. (1985). Theory of Ambiguity, Credibility and Inflation under Discretion and Asymmetric Information. Econometrica, 5 (54), 1099–1128.10.2307/1912324Search in Google Scholar

de Mendonça, H.F., Galveas, K.A.S. (2013). Transparency and Inflation: What Is the Effect on the Brazilian Economy? Economic Systems, 1 (37), 69–80. DOI: 10.1016/j.ecosys.2012.06.003.10.1016/j.ecosys.2012.06.003Open DOISearch in Google Scholar

Dincer, N.N., Eichengreen, B. (2008). Central Bank Transparency: Why, Where, and with What Effects? In: J.-Ph. Touffut (ed.), Central Banks as Economic Institutions (pp. 201–141). Cheltenham Glos: Edward Elgar Publishing.10.3386/w13003Search in Google Scholar

Dincer, N.N., Eichengreen, B. (2010). Central Bank Transparency: Causes, Consequences and Updates. Theoretical Inquiries in Law, 1 (11), 75–123. DOI: https://doi.org/10.2202/1565-3404.1237.10.2202/1565-3404.1237Open DOISearch in Google Scholar

Dincer, N.N., Eichengreen, B. (2014). Central Bank Transparency and Independence: Updates and New Measures, International Journal of Central Banking, 1 (10), 189–253.10.2139/ssrn.2579544Search in Google Scholar

Draghi, M. (2014). Monetary policy communication in turbulent times. Speech at the Conference De Nederlandsche Bank 200 years: Central banking in the next two decades, De Nederlandsche Bank, Amsterdam, Netherlands. Retrieved from: http://www.ecb.europa.eu/press/key/date/2014/html/sp140424.en.html#6.Search in Google Scholar

Ehrmann, M., Eijffinger, S., Fratzscher, M. (2012). The Role of Central Bank Transparency for Guiding Private Sector Forecasts. Scandinavian Journal of Economics, 3 (114), 1018–1052. DOI: 10.1111/j.1467-9442.2012.01706.x.10.1111/j.1467-9442.2012.01706.xOpen DOISearch in Google Scholar

Eijffinger, S.C.W., Geraats, P.M. (2006). How Transparent Are Central Banks. European Journal of Political Economy, 1 (22), 1–21. DOI: https://doi.org/10.1016/j.ejpoleco.2005.09.013.10.1016/j.ejpoleco.2005.09.013Open DOISearch in Google Scholar

Fisher, P. (2014). Inflation, interest rates and forward guidance. Speech given at State Street Global Advisors London Pensions and Investments Breakfast Briefing, London, UK. Retrieved from: https://www.bankofengland.co.uk/speech/2014/inflation-interest-rates-andforward-guidance.Search in Google Scholar

Fracasso, A., Genberg, H., Wyplosz, Ch. (2003). How Do Central Bank Write? An Evaluation of Inflation Targeting Central Banks, Geneva Reports on the World Economy Special Report 2, International Center for Monetary and Banking Studies.Search in Google Scholar

Fry, M., Julius, D., Mahadeva, L., Roger, S., Sterne G. (2000). Key Issues in the Choice of a Monetary Policy Framework. In: L. Mahadeva, G. Sterne (eds.), Monetary Policy Frameworks in a Global Context (pp. 1–26). London: Routledge.Search in Google Scholar

Geraats, P.M. (2002). Central Bank Transparency. The Economic Journa, 112 (483), 532–565. DOI: 10.1111/1468-0297.00082.10.1111/1468-0297.00082Open DOISearch in Google Scholar

Geraats, P.M. (2014a). Monetary Policy Transparency. CESifo Working Paper Series, 4611.10.2139/ssrn.2398257Search in Google Scholar

Geraats, P.M. (2014b). Transparency, Flexibility and Macroeconomic Stabilization. CESifo Working Paper Series, 4642.10.2139/ssrn.2404926Search in Google Scholar

Gürkaynak, R., Levin, A., Swanson, E. (2006). Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the US, UK and Sweden. Federal Reserve Bank of San Francisco Working Paper, 2006-09.10.2139/ssrn.892400Search in Google Scholar

Hamilton, J.D. (2017). Why You Should Never Use the Hodrick-Prescott Filter. NBER Working Paper, 23429.10.3386/w23429Search in Google Scholar

Hubert, P. (2015). Do Central Bank Forecasts Influence Private Agents? Forecasting Performance versus Signals. Journal of Money, Credit and Banking, 4 (47), 771–789. DOI: 10.1111/jmcb.12227.10.1111/jmcb.12227Open DOISearch in Google Scholar

Kahn, G.A. (2007). Communicating a Policy Path: the Next Frontier in Central Bank Transparency? Federal Reserve Bank of Kansas City, Economic Review Q1, 2007.Search in Google Scholar

Łyziak, T., Mackiewicz, J., Stanisławska, E. (2007). Central Bank Transparency and Credibility: The Case of Poland, 1998–2004. European Journal of Political Economy, 1 (23), 67–87. DOI: https://doi.org/10.1016/j.ejpoleco.2006.05.004.10.1016/j.ejpoleco.2006.05.004Open DOISearch in Google Scholar

Miles, D. (2014). What is the right amount of guidance? The experience of the Bank of England with forward guidance. Speech given at De Nederlandsche Bank annual research conference, De Nederlandsche Bank, Amsterdam, the Netherlands. Retrieved from: https://www.bankofengland.co.uk/-/media/boe/files/speech/2014/what-is-the-right-amount-ofguidance-the-experience-of-the-boe-with-forward-guidance.pdf?la=en&hash=021B737437718F8EA50E7C2D8981AD94330C6412.Search in Google Scholar

Montes, G.C., Oliveira, L.V., Curi, A., Nicolay, R.T.F. (2016). Effects of Transparency, Monetary Policy Signalling and Clarity of Central Bank Communication on Disagreement about Inflation Expectations. Applied Economics, 7 (48): 590-607. DOI: 10.1080/00036846.2015.1083091.10.1080/00036846.2015.1083091Open DOISearch in Google Scholar

NBP (2013). Inflation Report. November 2013. Warsaw: NBP.Search in Google Scholar

Siklos, P.L. (2011). Central Bank Transparency: Another Look, Applied Economic Letters, 10 (18), 929–933. DOI: 10.1080/13504851.2010.515199.10.1080/13504851.2010.515199Open DOISearch in Google Scholar

SR (2017). The Riksbank’s experiences of publishing repo rate forecasts. Stockholm: SR.Search in Google Scholar

Svensson, L.E.O. (2015). Forward Guidance. International Journal of Central Banking, 1, Supplement 1.10.3386/w20796Search in Google Scholar

Taylor, J.B. (1993). Discretion versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy, 39, 195–214. DOI: 10.1016/0167-2231(93)90009-L.10.1016/0167-2231(93)90009-Open DOISearch in Google Scholar

Woodford, M. (2013). Forward Guidance by Inflation Targeting Central Bank, Paper prepared for the conference Two Cambridge Decades of Inflation Targeting: Main Lessons and Remaining Challenges, Sveriges Riksbank, Stockholm, Sweden. Retrieved from: http://www.columbia.edu/~mw2230/RiksbankIT.pdf.Search in Google Scholar

eISSN:
1898-0198
Language:
English
Publication timeframe:
2 times per year
Journal Subjects:
Business and Economics, Political Economics, other