2005/11/24 by Sylvester C.W. Eijffinger, Eijffinger, SCW (Sylvester), Petra M. Geraats +1 · 3 citations
Economics, Econometrics and Finance · #Banking stability, regulation, efficiency #Economic, financial, and policy analysis #Global Financial Crisis and Policies #Monetary Policy and Economic Impact
paper · pdf · doi:10.1016/j.ejpoleco.2005.09.013
openalex publication_date 2005/11/24 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/01
Central bank transparency has become the topic of a lively public and academic debate on monetary policy. However, this has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This paper proposes an index for the transparency of monetary policy that comprises the political, economic, procedural, policy and operational aspects of central banking. The index is compiled for nine major central banks. It is based on a detailed analysis of actual information disclosure and reveals a rich variety in the degree and dynamics of central bank transparency.