期刊名称：Equilibrium. Quarterly Journal of Economics and Economic Policy
印刷版ISSN：1689-765X
电子版ISSN：2353-3293
出版年度：2019
卷号：14
期号：3
页码：385-404
DOI：10.24136/eq.2019.018
语种：English
出版社：Institute of Economic Research
摘要：Research background: The previous studies on monetary policy transparency suggest that the dependence between the degree of transparency and monetary policy effectiveness exists. In this examination, we tackle this issue for the most recent sample with the application of novel trans parency measure, which is designed to cover forward-looking policy approach. Purpose of the article: We aim at evaluating forward-looking transparency of the European central banks and juxtapose it with their effectiveness in achieving monetary policy goals: price stability and output stabilization. The sample covers the central banks of the following countries: Sweden, the UK, Czechia, Hungary, Poland, and Romania. We also search for the patterns of similarity in our sample. Methods: We apply a novel, index-based transparency measure to assess central banks’ transpar_x005f?ency. We also estimate inflation gap and the output gap. The methods used are based on data and statistical analysis. The comparison of the behaviour of individual central banks is carried out for the variables measuring transparency and inflation and output gaps. The similarity of the perfor?mance of individual central banks is assessed with the use of measures of the distance between objects, including our own measure. Findings & Value added: Our results suggest the existence of different degrees of similarity in the sample, but some common tendencies can be found as well. For example, central banks with comparable transparency degree are found more similar. Novelty of the examination is related toour methodology: transparency and similarity measures applied and the most recent time span covered.
关键词：central bank transparency; forward-looking communication; coefficients of similarity
