Communicating dissent on monetary policy: Evidence from central bank minutes
17 May 2016
Research
Supervision label
Working Papers
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.
512 - Communicating dissent on monetary policy: Evidence from central bank minutes
776KB PDF
Author(s)
- David-Jan Jansen
- Richhild Moessner