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By William A. Allen
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In addition, the Bank employs regional Agents, located in different parts of the country, whose job it is to maintain contact with local businesses and business groups, gather information from them and explain the Bank’s policies to audiences in their regions. Openness and transparency are very effective means of improving credibility. First, they make it possible for those responsible for monetary policy to be publicly accountable for their decisions. That increases their incentive to achieve the inflation target, and it therefore increases the public’s confidence that the inflation target will be hit.
Openness and transparency I have mentioned a couple of times the need when disinflating to strike trade-offs between the cost of having inflation above target (which is reduced if disinflation is faster) and the cost of output fluctuations (which is increased if disinflation is faster). The trade-off arises fundamentally because it is assumed that to reduce inflation it is necessary to reduce output temporarily. However, the extent of the necessary reduction in inflation depends crucially on the credibility of the commitment of the inflation target.
Maxwell Fry, Charles Goodhart and Alvaro Almeida (1996): Central Banking in Developing Countries; Objectives, Activities and Independence, Routledge. Maxwell Fry, (1997): Emancipating the Banking System and Developing Markets for Government Debt, Routledge. Charles Goodhart, Philipp Hartmann, David Llewellyn, Liliana RojasSuárez and Steven Weisbrod (1998): Financial Regulation; Why, how and where now? Routledge. Maxwell Fry, Isaack Kilato, Sandra Roger, Krzysztof Senderowicz, David Sheppard, Francisio Solis and John Trundle (1999): Payment Systems in Global Perspective, Routledge.