Monetary Policy Transparency

Abstract

This chapter examines transparency as a key feature of monetary policymaking by central banks around the world. It begins by presenting a conceptual framework for transparency and reviewing empirical measures, practices, and trends in monetary policy transparency. It then looks at theory regarding macroeconomic transparency as well as relevant empirical evidence. It also considers two ways in which monetary policy has become more transparent: the publication of macroeconomic forecasts and analysis and the disclosure of forward guidance about policy actions. The chapter illustrates how transparency allows the private sector to align its expectations with those of the central bank, making monetary policy more effective in the process.

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