Greater transparency at the Fed has led to better informed, though sterile, internal debate and discussion.
If central banks publish the transcripts of their internal policy debates, will discussions be enhanced or inhibited? Stephen Hansen, Michael McMahon and Andrea Prat use tools from computational linguistics to analyze the positive and negative effects of transparency on deliberations of the monetary policymakers at the US Federal Reserve.
The world’s major central banks display significant differences in transparency. The European Central Bank […]