| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5590 |
| DP5590 Debt, Deficits and Destabilizing Monetary Policy in Open Economies | |
| Sweder van Wijnbergen; Andreas Schabert | |
| 发表日期 | 2006-03-27 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Central banks have become increasingly transparent during the last decade. One of the main benefits of transparency predicted by theoretical models is that it enhances the credibility, reputation, and flexibility of monetary policy, which suggests that increased transparency should result in lower nominal interest rates. This paper exploits a detailed transparency data set to investigate this relationship for eight major central banks. It appears that for all central banks, the level of interest rates is affected by the degree of central bank transparency. In particular, the majority of the improvements in transparency are associated with significant effects on interest rates, controlling for economic conditions. In most of these cases, interest rates are lower, often by around 50 basis points, although in some instances transparency appears to have had a detrimental effect on interest rates. |
| 主题 | International Macroeconomics |
| 关键词 | Central bank transparency monetary policy Interest rates |
| URL | https://cepr.org/publications/dp5590 |
| 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/534443 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen,Andreas Schabert. DP5590 Debt, Deficits and Destabilizing Monetary Policy in Open Economies. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
