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... o¢ cials (King, 1997). And because actions and forecasts are also more transparent, the private sector can more easily verify that policy does indeed reect institutional, not personal, preferences (=-=Svensson, 1999-=-). It is noticable from press discussions of personnel changes that the focus on individual preferences and character does seem more pronounced for those central banks, such as the Fed, that have not ...

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.... Geraats (2002) and Carpenter (2004) provide surveys of the existing literature 4on hypothesis (a), regarding the potential bene…ts of greater transparency. Early theoretical contributions (of which =-=Cukierman and Meltzer, 1986-=-, is the most widely cited) generally adopt the Barro-Gordon (1983) or Kydland-Prescott (1977) model in which the authorities are able to temporarily boost output by creating unanticipated monetary ex...

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...1; f ij 0;g; f ij 0 ;f ij 1;g;f ij 1 and taking thestted probability. The total number of observations used to estimate ps is 2,141.29 Matching is undertaken in Stata using the psmatch2 command (=-=Leuven and Sianesi, 2003-=-). In all cases (except the second step in the third algorithm) a common support in terms of ps is required (treatment observations with a ps value outside the support of ps in the control group are d...

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...ption of IT to a speci…c month and year from Roger and Stone (2005), which seems, for most countries, to represent a broad consensus view.10 For our purposes the next yearforecasts are most useful (=-=Johnson, 2002-=-, who uses the same data for some of the analysis, makes the same decision: the current yearforecasts tend to vary little across forecasters, particularly toward the end of the year, for obvious rea...

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...any subjective index, there is a risk of tautological reasoning biasing the results towardsnding an e¤ect. Several papers have investigated the behavior of ination under IT (Ball and Sheridan, 2004; =-=Kuttner and Posen, 1999-=-; Petursson, 2004; Vega and Winkelried, 2005) with mixed results; a related question, and one that is more interesting in the current context, is ITs e¤ect on ination expectations. Gurkaynak, Levin,...

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...ually involves a more explicit and public discussion of the forecasts underlying policy decisions, including attendant risks and underlying assumptions, which tends to increase economic transparency (=-=Roger and Stone, 2005-=-). The ultimate goals of enhanced transparency, albeit ones that are di¢ cult to quantify, are to increase the e¤ectiveness of monetary policy and to make otherwise independent institutions more democ...

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...re is a risk of tautological reasoning biasing the results towardsnding an e¤ect. Several papers have investigated the behavior of ination under IT (Ball and Sheridan, 2004; Kuttner and Posen, 1999; =-=Petursson, 2004-=-; Vega and Winkelried, 2005) with mixed results; a related question, and one that is more interesting in the current context, is ITs e¤ect on ination expectations. Gurkaynak, Levin, and Swanson (200...

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...easure employed: as with any subjective index, there is a risk of tautological reasoning biasing the results towardsnding an e¤ect. Several papers have investigated the behavior of ination under IT (=-=Ball and Sheridan, 2004-=-; Kuttner and Posen, 1999; Petursson, 2004; Vega and Winkelried, 2005) with mixed results; a related question, and one that is more interesting in the current context, is ITs e¤ect on ination expect...

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..................................21s3I. Introduction The most important distinguishing characteristic of ination target regimes is the emphasis they place on transparency and accountability. Mervyn =-=King, 1997-=- The above comment by Mervyn King, then Deputy Governor and now Governor of the Bank of England, represents the majority view among policymakers and economists over the transparency-enhancing e¤ects o...

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...cludes enhanced policy analysis, more openness about internal policy deliberations and greater explanation of policy decisions, resulting in enhanced procedural, policy, and operational transparency (=-=Berg, 2005-=-). Finally, this communication strategy usually involves a more explicit and public discussion of the forecasts underlying policy decisions, including attendant risks and underlying assumptions, which...

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...s of transparency at the Fed, is how the publication of voting records and policy discussion transcripts (with a delay) a¤ects transparency and the incentives facing individual committee members (see =-=Meade, 2006-=-). 6degree of transparency and accountabilityis representative of the received wisdom.6 This academic consensus also seems to be reected in press accounts of market sentiment. One potential transpar...