Author: Golnaz B. MotiePublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Effect of Transparency, Independence and Accountability of Central Banks on Disinflation Costs
Author: Golnaz B. MotieCentral Bank Independence and the Costs of Disinflation in the EC
Author: Carl E. WalshPublisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 48
Book Description
Central Bank Independence and Monetary Policymaking Institutions
Author: Alex CukiermanPublisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 48
Book Description
Independence and Accountability
Author: Clive BriaultPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Why have central banks become more accountable and transparent in recent years? This paper considers a set of analytical models of monetary policy institutions to shed light on this. One conclusion it reaches is that uncertainty - regarding the central bank's inflation preferences or about the underlying model of the world - can generate inflationary problems which transparency can help counteract. This offers one rationale for the current monetary policy framework in the UK. The paper also constructs a quantitative index of accountability. This suggests that transparency has been pursued most actively by central banks with little independence and a low accrued stock of credibility. Again, this chimes with UK experience. A shorter version of this paper is forthcoming in "Toward More Effective Monetary Policy" - proceedings of the Seventh Internal Conference sponsored by the Bank of Japan's Institute for Monetary and Economic Studies.
Six Practical Views of Central Bank Transparency
Author: Adam S. PosenPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
In the span of fifteen years, central bank transparency has gone from being highly controversial to an accepted broad goal to which all central banks pay at least lip service. Yet, like many other broad concepts in economic policy, what central bank transparency actually means remains rather open to debate. Recent monetary theory has been unsuccessful in providing clarity because it emphasizes the issue of discerning a central bank's "type." In practice, central bank transparency has implications for a number of day-to-day issues. These include the persistence of inflation, the response of financial markets to central bank announcements, and the treatment of intermediate monetary targets - that is, central bank transparency influences the short-run dynamics of private-sector expectations. The evidence, in fact, is that the effect of greater transparency on these dynamics is beneficial. There is, however, a disturbing apparent disjunction between central bank transparency and accountability in reality. Recent developments in Japan and, to a lesser degree, in the United States and the eurozone have amply demonstrated that central bank independence can expand in harmful ways even as transparency increases and inflation targeting is adopted. It is time to discard two misleading claims: first, that increased transparency inhibits central bank independence; and second, that transparency provides sufficient accountability for central banks in democratic societies. Instead, we should remove the goal independence of all central banks that retain it, including the Bank of Japan, the Federal Reserve, and the European Central Bank.
The Political Economy of Central-bank Independence
Author: Sylvester C. W. EijffingerPublisher: International Finance Section Department of Econ Ton Univers
ISBN:
Category : Business & Economics
Languages : en
Pages : 100
Book Description
Central Banks at a Crossroads
Author: Michael D. BordoPublisher: Cambridge University Press
ISBN: 1107149665
Category : Business & Economics
Languages : en
Pages : 719
Book Description
This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.
How Do Central Banks Talk?
Author: Alan S. BlinderPublisher: Centre for Economic Policy Research
ISBN: 9781898128601
Category : Business & Economics
Languages : en
Pages : 150
Book Description
Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Issues in the Governance of Central Banks
Author: Publisher:
ISBN: 9789291317912
Category : Banks and banking, Central
Languages : en
Pages : 189
Book Description
This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s. The need to deal with chronic inflation in the 1970s and 1980s prompted the identification of price stability as a formal central bank objective and led to a significant reworking of governance arrangements. The current global financial crisis could have equally important implications for central banks, particularly with respect to their role in fostering financial stability. Although it is too early to know how central banking will change as a result, the report takes an important first step in identifying governance questions that the crisis poses.
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1498344062
Category : Business & Economics
Languages : en
Pages : 74
Book Description
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.