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Communicating dissent on monetary policy: Evidence from central bank minutes

David-Jan Jansen and Richhild Moessner

DNB Working Papers from Netherlands Central Bank, Research Department

Abstract: We study whether differences in views during monetary policy meetings affect central bank transparency. Using data published by four central banks, we find that dissent among committee members increases the file size of minutes of policy meetings. However, dissent does not affect the readability of these minutes. We conclude that minutes can still be useful in providing accountability when views differ without necessarily impairing transparency.

Keywords: monetary policy; minutes; dissent; transparency; accountability (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2016-05
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Persistent link: https://EconPapers.repec.org/RePEc:dnb:dnbwpp:512

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