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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
MAGKS Joint Discussion Paper Series in Economics No. 40-2011
Verlag: 
Philipps-University Marburg, Faculty of Business Administration and Economics, Marburg
Zusammenfassung: 
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the determinants of MPCT as well as its economic consequences. We find that past inflation, quality of institutional setup, and extent of Internet use in a country are important determinants of MPCT. MPCT has a robust and significantly negative impact on inflation variability, even after controlling for important macroeconomic variables and institutional transparency, as well as instrumenting MPCT in various ways.
Schlagwörter: 
monetary policy committee
transparency
monetary policy transparency
monetary policy
central banks
JEL: 
E52
E58
D12
D83
Dokumentart: 
Working Paper

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