Central Bank Transparency and the Crowding Out of Private Information in Financial Markets

2011 ◽  
Vol 43 (4) ◽  
pp. 765-774 ◽  
Author(s):  
CLEMENS KOOL ◽  
MENNO MIDDELDORP ◽  
STEPHANIE ROSENKRANZ
Keyword(s):  
Central Bank ◽  
Financial Markets ◽  
Private Information ◽  
Crowding Out ◽  
Central Bank Transparency

scholarly journals A SUNSPOT-BASED THEORY OF UNCONVENTIONAL MONETARY POLICY

2020 ◽  
pp. 1-32
Author(s):  
Roger E. A. Farmer ◽  
Pawel Zabczyk
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Markets ◽  
Rational Expectations ◽  
Balance Sheet ◽  
Unconventional Monetary Policy ◽  
Efficient Outcome ◽  
Complete Set ◽  
Pareto Efficient ◽  
Financial Securities

This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet. We construct a general equilibrium model where agents have rational expectations, and there is a complete set of financial securities, but where some agents are unable to participate in financial markets. We show that a change in the risk composition of the central bank’s balance sheet affects equilibrium asset prices and economic activity. We prove that, in our model, a policy in which the central bank stabilizes non-fundamental fluctuations in the stock market is self-financing and leads to a Pareto efficient outcome.

scholarly journals Central bank transparency and shocks

2010 ◽  
Vol 107 (2) ◽  
pp. 158-160 ◽  
Author(s):  
Daniel Laskar
Keyword(s):  
Central Bank ◽  
Central Bank Transparency

scholarly journals Optimal central bank transparency

2010 ◽  
Vol 29 (8) ◽  
pp. 1482-1507 ◽  
Author(s):  
Carin A.B. van der Cruijsen ◽  
Sylvester C.W. Eijffinger ◽  
Lex H. Hoogduin
Keyword(s):  
Central Bank ◽  
Central Bank Transparency

UNIONS, FISCAL POLICY AND CENTRAL BANK TRANSPARENCY

2007 ◽  
Vol 75 (5) ◽  
pp. 617-633 ◽  
Author(s):  
GIUSEPPE CICCARONE ◽  
ENRICO MARCHETTI ◽  
GIOVANNI DI BARTOLOMEO
Keyword(s):  
Fiscal Policy ◽  
Central Bank ◽  
Central Bank Transparency
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