| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2657 |
| DP2657 Globalization and Human Capital Formation | |
| Kai Konrad; Fredrik Andersson | |
| 发表日期 | 2001-01-30 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | The literature has often commented on, but seldom explicitly analysed, the effects of a lack of transparency in monetary policy. Using a standard theoretical model where there are also opportunities for fiscal intervention, we argue that the effects of a lack of transparency will be very different depending on whether they reflect preference or goal uncertainties: that is, whether they represent a lack of political transparency or a lack of economic transparency. The former allows the Central Bank to create and exploit a 'strategic' reputation to its own advantage; the latter does not. The test that distinguishes the two cases is whether inflation forecasts are published or not. We also find that transparency is a partial, but strictly limited substitute for accountability. |
| 主题 | International Macroeconomics |
| 关键词 | Policy transparency Accountability Reputation Political uncertainty |
| URL | https://cepr.org/publications/dp2657 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531718 |
| 推荐引用方式 GB/T 7714 | Kai Konrad,Fredrik Andersson. DP2657 Globalization and Human Capital Formation. 2001. |
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