Interest rate less volatile with more transparency: NY Fed paper
Higher transparency at central banks improves the accuracy of interest rate forecasts for three months ahead and reduces rate volatility, a New York Federal Reserve paper, published in May, says.
Menno Middeldorp, the paper's author, uses a transparency index for 24 economies of varying income to examine the impact of transparency on both predictability and market volatility. Middeldorp notes that while most of the existing literature indicates that central banks worldwide have become more
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