Bank of England Working Paper Series

RESEARCH - Does it pay to be transparent? International evidence from central bank forecasts by Georgios Chortareas, David Stasavage and Gabriel Stern of the Bank of England.

Is central bank transparency associated with variation in macroeconomic outcomes? Cross-country data covering 87 countries is used to construct an index for transparency based upon the detail in central banks' published forecasts. After controlling for a number of other institutional and macroeconomic variables it is found

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