Monetary Policy Transparency in Inflation Targeting Countries: the Czech Republic, Hungary and Poland

Mariusz Jarmuzek, Lucjan Orlowski and Artur Radziwill ()

No 281, CASE Network Studies and Analyses from CASE-Center for Social and Economic Research

Abstract: This paper quantifies transparency of monetary policy in the three EU New Member States that have adopted direct inflation targeting strategy. Two measures of transparency are applied. The institutional measure reflects the extent to which a central bank discloses information that is related to the policymaking process. The behavioural measure reflects the clarity among the financial market participants about the true course of monetary policy. The paper shows an ambiguous association between the two measures of transparency, which may be attributed to the active exchange rate management policy that undermines the actual transparency proxied by the behavioural measure.

Keywords: monetary policy; institutional and behavioural transparency; direct inflation targeting; EU New Member States; European Monetary Union (search for similar items in EconPapers)
Pages: 32 Pages
Date: 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://case-research.eu/upload/publikacja_plik/29 ... 4%2006%2030%20ok.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
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:sec:cnstan:0281

Access Statistics for this paper

More papers in CASE Network Studies and Analyses from CASE-Center for Social and Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by Marta Kowerko ().