March 2022 issue contents
Trends in Monetary Policy Transparency: Further Updates

Nergiz Dincer,a Barry Eichengreen,b and Petra Geraatsc


We update our earlier index of monetary policy transparency, providing new estimates of political, economic, procedural, policy, and operational transparency for 112 central banks from 1998 through 2019. Central banks continue to move in the direction of greater transparency in their conduct of monetary policy. This is true for countries of different income levels. It is true regardless of monetary policy strategy, be this inflation targeting, monetary aggregate targeting, or exchange rate targeting, although the trend is least evident for the last of the three. This movement is also evident, to an extent, across all five of the dimensions of monetary policy transparency that we consider when constructing our aggregate index.

JEL Codes: E5, E52, E58.

Full article (PDF, 18 pages)

TED University University of California, Berkeley University of Cambridge