Transparency, Disclosure, and the Federal Reserve

International Journal of Central Banking (IJBC), Michael Ehrmann, Marcel Fratzscher

ISBN 10: 1249560543 / ISBN 13: 9781249560548

Published by BiblioGov, 2012

About this Item

Zustand: Sehr gut | Seiten: 50 | Sprache: Englisch | Produktart: Bücher | Keine Beschreibung verfügbar.

Seller Inventory # 23992457/2

Bibliographic Details

• Title: Transparency, Disclosure, and the Federal Reserve
• Publisher: BiblioGov
• Publication Date: 2012
• Language: English
• ISBN 10: 1249560543
• ISBN 13: 9781249560548
• Binding: Soft cover
• Condition: Sehr gut
• Seller catalogs:
  • Bücher

About this title

Synopsis

This paper provides an assessment of central bank transparency for the efficiency of monetary policy implementation, using the introduction of balance-of-risks assessments by the Federal Reserve as a testing device. We find that markets anticipated monetary policy decisions equally well under this new disclosure regime as before, but arrived at their expectations differently. Now, markets extract information from the statements, whereas before, they reverted to other types of Federal Reserve communication in the intermeeting periods. These findings suggest that the Federal Reserve's new disclosure practice may have improved transparency, as information is now released at an earlier time and with clearer signals.