Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152460
Authors: 
Winkler, Bernhard
Year of Publication: 
2000
Series/Report no.: 
ECB Working Paper 26
Abstract: 
In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple terms to be of practical relevance. This paper suggests a conceptual framework, which distinguishes different - and potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the central bank and its audience.
Subjects: 
communication
monetray policy strategy
transparency
JEL: 
E42
E52
E58
F58
Document Type: 
Working Paper

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