Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE ( © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 29 July 2021

Abstract and Keywords

This chapter analyzes whether and to what extent central banks have continued to be more transparent in their conduct of monetary policy in the postcrisis period. It presents a monetary policy transparency index, that measures the degree of information disclosure about various aspects of the policymaking process for 112 central banks from 1998 until 2015. Compared to previous research, the index has been updated, revised and refined to better capture developments since the global financial crisis, with and explicit focus on monetary policy, more emphasis on the timely disclosure of information, and greater granularity, including for forward guidance. The development and challenges of increasing monetary policy transparency are further analyzed in case studies of the European Central Bank, the US Federal Reserve and the Bank of England, which illustrate how these prominent central banks have deployed greater transparency as a policy tool in the aftermath of the financial crisis.

Keywords: transparency, monetary policy, central bank communications, forward guidance, unconventional policy tools

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.