Eijffinger, Sylvester; Hoeberichts, M.M.; Schaling, E. - Tilburg University, Center for Economic Research - 1998
one is transparency of actual monetary policy, the second aspect is the question of who bears final responsibility for …. Transparency enhances the central bank’s accountability. Another way to make the central bank accountable is to shift final … central bank lower. The paper shows that accountability through transparency leads to a lower expected rate of inflation and …