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CESifo Economic Studies Advance Access originally published online on February 23, 2006
CESifo Economic Studies 2006 52(1):111-152; doi:10.1093/cesifo/ifj004
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© The Author 2006. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Transparency of Monetary Policy: Theory and Practice

Petra M. Geraats*

Transparency has become one of the main features of monetary policymaking during the last decade. This article establishes stylized facts and provides a systematic overview of the practice of monetary policy transparency around the world. It shows much diversity in information disclosure, even for central banks with the same monetary policy framework, including inflation targeting. Nevertheless, the study finds significant differences in transparency across monetary policy frameworks. The empirical findings are explained using key insights distilled from the theoretical literature. Thus, this article aims to bridge the gap between the theory and practice of monetary policy transparency. (JEL codes: E58, D82)

Key Words: Transparency • monetary policy • central bank communication


* Faculty of Economics, University of Cambridge, Cambridge CB3 9DD, UK, e-mail: Petra.Geraats{at}econ.cam.ac.uk

I thank the two anonymous referees for their useful comments. Part of this article was written while I was visiting the Center for Economic Studies (CES) in Munich, which I thank for its hospitality.


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