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Abstract:

cover
CentrePiece Article
The dilemma of central bank transparency
Stephen Hansen, Michael McMahon and Andrea Prat
January 2015
Paper No' CEPCP439:
Full Paper (pdf)

CentrePiece 19 (3) Winter 2015


JEL Classification: E52; E58; D78


Tags: monetary policy; deliberation; fomc; transparency; career concerns

If central banks publish the transcripts of their internal policy debates, will discussions be enhanced or inhibited? Michael McMahon and colleagues use tools from computational linguistics to analyse the positive and negative effects of transparency on deliberations of the monetary policymakers at the US Federal Reserve.

This article summarises ‘Transparency and Deliberation within the FOMC: a Computational Linguistics Approach’ by Stephen Hansen, Michael McMahon and Andrea Prat, CEP Discussion Paper No.1276, June 2014.
This paper has been published as:
'Transparency and Deliberation within the FOMC: A Computational Linguistics Approach', Stephen Hansen, Michael McMahon and Andrea Prat, Quarterly Journal of Economics, Volume 133, Issue 2, May 2018