TY  - JOUR
AU  - Dincer,N. Nergiz
AU  - Eichengreen,Barry
TI  - Central Bank Transparency: Where, Why, and with What Effects?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13003
PY  - 2007
Y2  - March 2007
UR  - http://www.nber.org/papers/w13003
L1  - http://www.nber.org/papers/w13003.pdf
N1  - Author contact info:
Nergiz Dincer
T.R. Prime Ministry State Planning Organization
Necatibey cad. No:108, Yucetepe
06100, Ankara, TURKEY
E-Mail: nergiz.dincer@gmail.com

Barry Eichengreen
Department of Economics
University of California, Berkeley
549 Evans Hall 3880
Berkeley, CA 94720-3880
Tel: 510/642-2772
Fax: 510/643-0926
E-Mail: eichengr@econ.Berkeley.edu
AB  - 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.
ER  -