摘要：We study the e¤ects of Central Bank transparency on in.ation and
the output gap. We thus …rst identify a small analytical model which
concludes that transparency a¤ects the variability of in.ation and output
and not their average levels. Then we examine whether this conjecture
holds empirically, employing the recently derived index of transparency by
Eij￠nger and Geraats. The empirical …ndings con…rm that the averages
are not a¤ected by transparency. It does seem to explain however, about
50% of the variability in in.ation. The relation between transparency
and output volatility is less clear but appears to be positive rather than
negative.
关键词：Central Bank, Economic and Political Transparency, In.ation
and Output Gap performance
