Monetary mystique: Secrecy and central banking |
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Affiliation: | 1. Deutsche Bundesbank, Germany;2. Goethe University Frankfurt and CEPR, Department of Money and Macro, Theodor-Adorno-Platz 3, 60323 Frankfurt am Main, Germany |
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Abstract: | The paper contains a discussion of the role of secrecy in the implementation of monetary policy. It documents the Federal Reserve's defense of secrecy as argued in a recent Freedom of Information Act suit. The Federal Reserve's arguments are evaluated on the basis of economic theory. Theoretical papers related to the secrecy issue are reviewed. The discussion highlights a number of potential benefits and costs of central bank secrecy, and identifies some conditions under which secrecy could be socially beneficial. |
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