We propose a flexible majority rule for central bank councils where the size of the majority depends monotonically on …

We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small …

literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In … other words, a central bank needs flexibility and therefore cannot be fully transparent. Using a forward-looking New …-Keynesian model, we find exactly the opposite. A central bank that is conservative improves output stabilization by being transparent …

The establishment of the European Central Bank (ECB) presents a rare opportunity to define the operations of a central … bank with no prior track record. Before the ECB specifies an, as yet undefined, operational target this paper asks what … might be learnt from the recent experience of inflation targeting at the Bank of England. We consider whether there should …

for private information. We charac terize optimal mechanisms and analyze specific programs often used during banking …

In a simple macromodel with forward-looking expectations, this Paper looks into disclosure policy when a central bank … has private information on future shocks. The main result is that advance disclosure of forecasts of future shocks does …. This result holds when there is no credibility problem or the central bank’s preference is common knowledge. When there is …

central bank to meet is inflation target. The threat of deflation and a liquidity trap is examined. Transparent inflation …

We construct a model to analyse the two types of tender procedures used by the European Central Bank (ECB) in its open …