The Impact of Increasing Transparency in Monetary Policy on Inflation and Unemployment

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http://urn.fi/URN:NBN:fi:hulib-201703272334
Title: The Impact of Increasing Transparency in Monetary Policy on Inflation and Unemployment
Author: Bernat, Elizabeth
Other contributor: Helsingin yliopisto, Valtiotieteellinen tiedekunta, Politiikan ja talouden tutkimuksen laitos
University of Helsinki, Faculty of Social Sciences, Department of Political and Economic Studies
Helsingfors universitet, Statsvetenskapliga fakulteten, Institutionen för politik och ekonomi
Publisher: Helsingfors universitet
Date: 2013
Language: eng
URI: http://urn.fi/URN:NBN:fi:hulib-201703272334
http://hdl.handle.net/10138/38862
Thesis level: master's thesis
Discipline: Economics
Kansantaloustiede
Nationalekonomi
Abstract: The increasing transparency of central banks’ internal communication and decision-making methods has been a global trend in the past fifteen years. Especially since the financial crisis in 2008, the general public has demanded greater transparency from governments and major market participants. This paper examines how the increase in information about the conduct and expectations of central banks affects unemployment rates and price level changes, especially in the context of a society in which there is a significant union presence. It finds that greater transparency fails to improve welfare when public information is released in such a way that agents place too little weight on their own information and when there is an uncoordinated-wage-decision externality among unions.


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