article · 2003

and Output Gap performance

Maria Demertzis Y, De Nederlandsche Bank, Andrew Hughes Hallett Z

Cited by 0Abstract and details only

Abstract

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.

Cite this paper

APA 7

Y, M. D., Bank, D. N., & Z, A. H. H. (2003). and Output Gap performance.

MLA 9

Y, Maria Demertzis, et al. “and Output Gap performance.” 2003.

Chicago

Y, Maria Demertzis, De Nederlandsche Bank, and Andrew Hughes Hallett Z. 2003. “and Output Gap performance.”

Harvard

Y, M.D., Bank, D.N. and Z, A.H.H. (2003) ‘and Output Gap performance’.

BibTeX

@article{y2003output,
  title = {{and Output Gap performance}},
  author = {Y, Maria Demertzis and Bank, De Nederlandsche and Z, Andrew Hughes Hallett},
  year = {2003}
}

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