Communicating dissent on monetary policy: Evidence from central bank minutes

We study whether differences in views during monetary policy meetings affect central bank transparency. Using data published by four central banks, we find that dissent among committee members increases the file size of minutes of policy meetings. However, dissent does not affect the readability of these minutes. We conclude that minutes can still be useful in providing accountability when views differ without necessarily impairing transparency.
 
Keywords: monetary policy, minutes, dissent, transparency, accountability.
JEL classification: E52, E58.

Working paper no. 512.