Transparency and Communication of Central Banks

We examine which information should be published by central banks. Specific issues are for example:

• When and how should central banks employ forward guidance?
  
• Should central banks publish their estimates about economic shocks?
• Should committees, for example monetary policy committees, publish details about decision-making, in particular voting records?
• Is the publication of policy intentions desirable?
• Should central bankers be subject to inflation forecast contracts?
• Should central bankers be subject to forward guidance contracts?

Publications

• Forward Guidance Contracts, Macroeconomic Dynamics, 23(8), 2017, 3386-3423.
  (Hans Gersbach, Volker Hahn and Yulin Liu)
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• Inflation Forecast Contracts, Journal of Economic Dynamics and Control, 48, 2014, 26-40.
  (Hans Gersbach and Volker Hahn)
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• Effective Forward Guidance: Scrupulous Central Bankers and Forecast Contracts, in: Wouter den Haan (ed.), Forward Guidance, VoxEU eBook, 2013.
  (Hans Gersbach and Volker Hahn)
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• Monetary Policy Inclinations, Journal of Money, Credit, and Banking, 43(8), 2011, 1707-1717.
  (Hans Gersbach and Volker Hahn)
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• Voting Transparency in a Monetary Union, Journal of Money, Credit and Banking, 41(5), 2009, 831-853.
  (Hans Gersbach and Volker Hahn)
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• Flexible Majority Rules for Central Banks, Journal of Money, Credit and Banking, 41(2-3), 2009, 507-516
  (Hans Gersbach and Bernhard Pachl)
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• Forward Guidance for Monetary Policy: Is It Desirable?, in "Designing Central Banks", David Mayes, Geoffrey E. Wood (eds.),
  Routledge, 2009.
  (Hans Gersbach and Volker Hahn)
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• Should the Individual Voting Records of Central Bankers be Published?, Social Choice and Welfare, 30(4), 2008, 655-683.
  (Hans Gersbach and Volker Hahn)
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• Information Content of Wages and Monetary Policy, Journal of Money, Credit, and Banking, 39(1), 2007, 133-149.
  (Hans Gersbach and Volker Hahn)
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• Signaling and Commitment: Monetary versus Inflation Targeting, Macroeconomic Dynamics, 10(5), 2006, 595-624.
  (Hans Gersbach and Volker Hahn)
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• Voting Transparency, Conflicting Interests and the Appointment of Central Bankers, Economics and Politics, 16(3), 2004, 321-345.
  (Hans Gersbach and Volker Hahn)
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• On the Negative Social Value of Central Banks' Knowledge Transparency, Economics of Governance, 4(2), 2003, 91-102.
  (Hans Gersbach)
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Columns / Policy Briefs

Working Papers

• external pageVersatile Forward Guidance: Escaping or Switching?call_made
  (Hans Gersbach and Yulin Liu)
  

Team Members

• Hans Gersbach

Cooperation Partner

• external pageVolker Hahncall_made (University of Konstanz)