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Diane Publishing Books
Communicating a Policy Path: The Next Frontier in Central Bank Transparency?: A Reprint from the “Economic Review”
George A. Kahn (au)
In the last 20 years, central banks have taken a variety of steps to increase the transparency of monetary policy. One area of interest is the outlook for the future path of the policy rate -- the short-term, overnight, interest rate that central bankers use to adjust the stance of monetary policy. While central banks typically announce changes in the policy rate when they occur, few central banks provide a description of where the policy rate is likely to be set in the future. Yet, this info. is of value to financial markets. This article surveys current central bank practices relating to transparency & the future path of the policy rate. Identifies some of the conceptual & practical issues that may limit central banks’ ability & willingness to provide more info. about the policy path.
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