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Diane Publishing Books
Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market
Menno Middeldorp (au); Stephanie Rosenkranz (au)
Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to improve the predictability of monetary policy, thereby lowering financial market volatility and contributing to a more stable economy. However, a potential side-effect of providing costless public information is that market participants may be less inclined to invest in private information. Theoretical results suggest that this can hamper the ability of markets to predict future monetary policy. The authors test this in a laboratory asset market. Crowding out of information acquisition does indeed take place, but only where it is most pronounced does the predictive ability of the market deteriorate. Figures. This is a print on demand report.
Small Sects in America (rev. ed.)
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American Vegetarian Resource Directory: Some Signposts on the Journey Towards a Healthier, More Ethically & Environmentally Balanced Lifestyle
Who’s in Control? Polar Politics & the Sensible Center
Suggestions of Abuse: True & False Memories of Childhood Sexual Trauma
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