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The Quiet RevolutionCentral Banking Goes Modern$
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Alan Blinder

Print publication date: 2004

Print ISBN-13: 9780300100877

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300100877.001.0001

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Through the Looking Glass: Central Bank Transparency

Through the Looking Glass: Central Bank Transparency

(p.5) Chapter 1 Through the Looking Glass: Central Bank Transparency
The Quiet Revolution

Alan S. Blinder

Yale University Press

This chapter focuses on transparency, the aspect of central banking in which change has probably been the most visible and dramatic over the past decade. To apply the general definition of transparency to the specific context of monetary policy, it sketches a series of increasingly stringent transparency standards that a truly modern central bank might think of meeting. The chapter discusses how the easiest transparency standard is clarity. The second standard of transparency goes beyond clarity to substantive content. A central bank that is transparent by this more meaningful standard must convey pertinent information about the economy and monetary policy to those who care enough to listen. The chapter discusses how the third standard of transparency raises the bar higher than mere substantive content, and how, to clear this third hurdle, the central bank must leave itself open to public scrutiny.

Keywords:   transparency, central banking, central bank, monetary policy, democratic accountability

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