EconPapers    
Economics at your fingertips  
 

Monetary Policy Committee Transparency: Measurement,Determinants, and Economic Effects

Bernd Hayo and Ummad Mazhar ()

No 201140, MAGKS Papers on Economics from Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung)

Abstract: This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers’ educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the determinants of MPCT as well as its economic consequences. We find that past inflation, quality of institutional setup, and extent of Internet use in a country are important determinants of MPCT. MPCT has a robust and significantly negative impact on inflation variability, even after controlling for important macroeconomic variables and institutional transparency, as well as instrumenting MPCT in various ways.

Keywords: Monetary Policy Committee; Transparency; Monetary Policy Transparency; Monetary Policy; Central Banks (search for similar items in EconPapers)
JEL-codes: E52 E58 D12 D83 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

Forthcoming in

Downloads: (external link)
http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/40-2011_hayo.pdf First version, 2011 (application/pdf)

Related works:
Journal Article: Monetary Policy Committee Transparency: Measurement, Determinants, and Economic Effects (2014) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mar:magkse:201140

Access Statistics for this paper

More papers in MAGKS Papers on Economics from Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) Contact information at EDIRC.
Bibliographic data for series maintained by Bernd Hayo (). This e-mail address is bad, please contact .

 
Page updated 2019-04-19
Handle: RePEc:mar:magkse:201140