Articles liés à Transparency, Disclosure, and the Federal Reserve

Transparency, Disclosure, and the Federal Reserve - Couverture souple

Ehrmann, Michael; Fratzscher, President Marcel

 
9781249560548: Transparency, Disclosure, and the Federal Reserve
Couverture souple
ISBN 10 : 1249560543 ISBN 13 : 9781249560548
Editeur : Bibliogov, 2012

Synopsis

This paper provides an assessment of central bank transparency for the efficiency of monetary policy implementation, using the introduction of balance-of-risks assessments by the Federal Reserve as a testing device. We find that markets anticipated monetary policy decisions equally well under this new disclosure regime as before, but arrived at their expectations differently. Now, markets extract information from the statements, whereas before, they reverted to other types of Federal Reserve communication in the intermeeting periods. These findings suggest that the Federal Reserve's new disclosure practice may have improved transparency, as information is now released at an earlier time and with clearer signals.

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Éditeur
Bibliogov
Date d'édition
2012
Langue
anglais
ISBN 10 
1249560543
ISBN 13 
9781249560548
Reliure
Broché
Nombre de pages
50
Coordonnées du fabricant
non disponible
Personne responsable
Buchpark GmbH
gpsr@buchpark.de

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