markets anticipated monetary policy decisions equally well under this new disclosure regime than before, but arrived at their … implications of macroeconomic data releases. Taken together, these findings suggest that the Fed's new disclosure practice may … indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …

and transparency for liquidity of corporate bond markets. We have applied it to the illiquid segments of the European … systemic liquidity. We also found that post-trade transparency has surprisingly little bearing on liquidity in that where it … improves liquidity it is merely acting as a proxy for pre-trade transparency or transparency of holdings. We conclude that if …

In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple … potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of … this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the …

, implying the possible effects of the FOMC’s transparency. On the other hand, we find little evidence that the common forecast …

. This practice is remarkable, as it seems to contradict the virtue of transparency by requiring central banks to withhold … the limits to central bank transparency. JEL Classification: E58, E52, E43 …

that the results have implications for debate surrounding the opacity of banks and the transparency requirements that may …

expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional … forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies. It … finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of …