Central bank transparency and private information in a dynamic macroeconomic model

Joseph Pearlman

No 455, Working Paper Series from European Central Bank

Abstract: We investigate the role of economic transparency within the framework of one of Townsend's models of 'forecasting the forecasts of others'. The equilibrium has the property that 'higher order beliefs' are coordinated into a finite-dimensional setup that is amenable to address monetary policy issues. We focus here on the role of public information about the money supply, and find that it should be fully revealing. JEL Classification: D82, E58

Keywords: asymmetric information; central banks; public information; transparency (search for similar items in EconPapers)
Date: 2005-03
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2005455

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