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 …

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 …

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 …

Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of … the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and …, but may reduce it when uncertainty is low. The findings underline the limits to transparency and stress the need for …