ECB Working Paper on central bank transparency

The ECB Working Paper "Central bank transparency and private information in a dynamic macroeconomic model" published on 15 March, investigates the role of economic transparency within the framework of one of Townsend's models of 'forecasting the forecasts of others'.

The equilibrium has the property that 'higher order beliefs' are coordinated into a finite-dimensional setup that is amenable to address monetary policy issues. The author focuses here on the role of public information about the

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