文章基本信息

标题：Central Bank Transparency in Theory and Practice
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作者：Maria Demertzis ; Andrew Hughes Hallett
期刊名称：DNB Staff Reports
出版年度：2003
卷号：1
出版社：Nederlandsche Bank
摘要：We study the e¤ects of Central Bank transparency on in.ation and the output gap. We thus …rst identify a small analytical model which concludes that transparency a¤ects the variability of in.ation and output and not their average levels. Then we examine whether this conjecture holds empirically, employing the recently derived index of transparency by Eij￠nger and Geraats. The empirical …ndings con…rm that the averages are not a¤ected by transparency. It does seem to explain however, about 50% of the variability in in.ation. The relation between transparency and output volatility is less clear but appears to be positive rather than negative.
关键词：Central Bank, Economic and Political Transparency, In.ation and Output Gap performance