: transparency of actual monetary policy and the question of who bears final responsibility for monetary policy. The paper shows that … accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks …

respect to transparency. Previous literature has argued that domestic factors such as macroeconomic stability were behind the … trend toward greater transparency. In contrast, our results indicate that transparency primarily increased because of a … from each other's experiences regarding transparency. To our knowledge, our paper is the first econometric analysis of peer …

: transparency of actual monetary policy and the question of who bears final responsibility for monetary policy. The paper shows that … accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks …

become one of several interlinked strands of debate on the desirability of transparency in hte conduct of monetary policy …