المستودع الأكاديمي جامعة المدينة

Communication, decision-making and the optimal degree of transparency of monetary policy committees

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dc.creator Weber, Anke
dc.date 2008
dc.date.accessioned 2013-10-16T07:06:29Z
dc.date.available 2013-10-16T07:06:29Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19714
dc.identifier ppn:558639275
dc.identifier RePEc:zbw:bubdp1:7037
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19714
dc.description This 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.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2008,02
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E52
dc.subject E50
dc.subject E58
dc.subject ddc:330
dc.subject Monetary Policy Committees
dc.subject Uncertainty
dc.subject Communication
dc.subject Transparency
dc.subject Geldpolitik
dc.subject Gruppenentscheidung
dc.subject Staatliche Information
dc.subject Informationsökonomik
dc.subject Wirtschaftspolitische Wirkungsanalyse
dc.subject Finanzmarkt
dc.subject Zinsstruktur
dc.subject Theorie
dc.title Communication, decision-making and the optimal degree of transparency of monetary policy committees
dc.type doc-type:workingPaper


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