Footnote:
In: International Journal of Central Banking, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 15, 2014 erstellt
Description:
In line with the rational expectations' approach, economists emphasize transparency as a key factor for Central Banks' credibility. In this paper, a psychological approach yields different results: trust in the Banks' policy is associated with the professionalism and independence of the Bank and not with its transparency. It is a subtle difference, because transparency is indeed a positive factor in the overall image of the Bank, but a statistical analysis shows that not all aspects of the positive image are relevant to trust in the Bank's inflationary policy.