Uncertainty and Transparency of Monetary Policy

Di Giorgio, Giorgio and Traficante, Guido (2008) Uncertainty and Transparency of Monetary Policy. [Discussion Paper]. p. 25. (Unpublished)

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What is the proper degree of central bank transparency? This paper investigates the issue in a framework characterized by: a) common uncertainty on potential output, and b) imperfect knowledge of the central bank target (and inference of the true policy reaction function) by the private sector. We show that full transparency is socially beneficial under a variety of parametrizations. Our results confirm, in a different set up, those of Faust and Svensson (2001, 2002), and Svensson (2006).

Item Type:Report / Paper (Discussion Paper)
Research documents and activity classification:Working Papers > Refereed Working Papers / of international relevance
Divisions:Department of Business and Management
Uncontrolled Keywords:Transparency. Kalman filter. Monetary Policy.
MIUR Scientific Area:Area 13 - Economics and Statistics > SECS-P/01 Political Economy
Deposited By:Silvia Capobianchi
Deposited On:03 Nov 2009 12:58
Last Modified:17 Apr 2013 21:21

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