Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/19714 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorWeber, Ankeen
dc.date.accessioned2009-01-28T16:02:12Z-
dc.date.available2009-01-28T16:02:12Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/19714-
dc.description.abstractThis paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have on financial markets. It is shown that the communication strategy of the central bank committee has a significant effect on the predictability of monetary policy decisions when there is asymmetric information between the committee and market agents. Transparency about the diversity of views of the committee surrounding the economic outlook makes future monetary policy more predictable. However, communicating the diversity of views regarding monetary policy decisions may lead to less predictability of monetary policy in the short term. In addition, it is shown that communication in the form of voting records has the greatest effect on market participants' near term policy expectations. These results support findings of the empirical literature and have strong implications for the optimal communication strategies of committees including the question whether individual voting records should be published.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2008,02en
dc.subject.jelE52en
dc.subject.jelE50en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordMonetary Policy Committeesen
dc.subject.keywordUncertaintyen
dc.subject.keywordCommunicationen
dc.subject.keywordTransparencyen
dc.subject.stwGeldpolitiken
dc.subject.stwGruppenentscheidungen
dc.subject.stwStaatliche Informationen
dc.subject.stwInformationsökonomiken
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen
dc.subject.stwFinanzmarkten
dc.subject.stwZinsstrukturen
dc.subject.stwTheorieen
dc.titleCommunication, decision-making and the optimal degree of transparency of monetary policy committees-
dc.typeWorking Paperen
dc.identifier.ppn558639275en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:7037en

Datei(en):
Datei
Größe
444.21 kB





Publikationen in EconStor sind urheberrechtlich geschützt.