Journal
QUARTERLY JOURNAL OF ECONOMICS
Volume 133, Issue 2, Pages 801-870Publisher
OXFORD UNIV PRESS INC
DOI: 10.1093/qje/qjx045
Keywords
-
Categories
Funding
- Amazon Web Services
- Bank of England's Research Donations Committee
- British Academy
- ESRC [ES/M010341/1] Funding Source: UKRI
Ask authors/readers for more resources
How does transparency, a key feature of central bank design, affect monetary policy makers' deliberations? Theory predicts a positive discipline effect and negative conformity effect. We empirically explore these effects using a natural experiment in the Federal Open Market Committee in 1993 and computational linguistics algorithms. We first find large changes in communication patterns after transparency. We then propose a difference-in-differences approach inspired by the career concerns literature, and find evidence for both effects. Finally, we construct an influence measure that suggests the discipline effect dominates.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available