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Transparency of monetary policy and its effects of

Author: MuZuoJun
Tutor: XuGuangYuan
School: Yunnan University
Course: Western Economics
Keywords: Transparency of monetary policy Information asymmetry Credibility Independence
CLC: F822.0
Type: Master's thesis
Year: 2011
Downloads: 35
Quote: 1
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Abstract


Historically, the secretive monetary policy once the tradition of the national central banks . Good policy practice until 1990 , New Zealand as the first officially adopted inflation targeting countries . Since then , central banks have successively abandoned the practice in the past to maintain the mystery of gradually moving towards transparency . With the development of information technology , the monetary policy has become a result of the central bank and the public game . Central Bank to the formulation and implementation of monetary policy , it is necessary to focus on the credibility of the establishment , to maintain economic and social stability , but also has a certain degree of flexibility to achieve other objectives of the central bank , which depends not only on the central bank itself , also depends on the attitudes and expectations of the public . In this paper, the expectations theory , asymmetric information theory , game theory and other analysis tools , sort out and analyze the theory of monetary policy transparency , and to construct a relatively complete theoretical framework . First, the theoretical basis of transparency , Research Summary ; then analyze the reasonableness of transparency in monetary policy . The second chapter analyzes the relationship between the establishment of transparency and central bank credibility and transparency can help the central bank to establish credibility , dynamic inconsistency , but the central bank must weigh the discretionary or follow the rules ; Chapter analysis transparency and central bank relationship of independence , transparency can provide a guarantee for the independence of the central bank more responsible , but the other extreme - overly conservative central bank independence . The fourth chapter is the introduction transparency effect , transparency effects can be divided into two effects : the \It can reduce the cost of the private sector to improve the predictability of the policy , but it may increase the cost of remediation of the central bank . Since transparency has an adverse effect , then what is the optimal transparency ? Fifth chapter analyzes the transparency appropriate to consider the two balanced : the balance between monetary control and transparency , as well as the credibility of the central bank and central bank operation balance between flexibility . The use of a theoretical analysis of the basis of the last chapter , made ??a brief analysis of the practice of monetary policy transparency , issues , and policy advice .

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CLC: > Economic > Fiscal, monetary > Currency > China's currency > Principle of policy and its elaborate
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