; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The Advantage of Transparency in Monetary Policy Instruments"; ; "batchuser@example.com"; "Atkeson, Andrew", "Kehoe, Patrick J."; "Federal Reserve Bank of Minneapolis"; "Exchange Rate Regime", "Time Consistency", "Nominal Anchor", "Fixed Exchange Rates", "Monetary Instrument"; "E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General", "E52 - Monetary Policy", "F41 - Open Economy Macroeconomics", "E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination", "F33 - International Monetary Arrangements and Institutions"; "Monetary policy instruments differ in _tightness_—how closely they are linked to inflation—and transparency—how easily they can be monitored. Tightness is always desirable in a monetary policy instrument; when is transparency? When a government cannot commit to follow a given policy. We apply this argument to a classic question: Is the exchange rate or the money growth rate the better monetary policy instrument? We show that if the instruments are equally tight and a government cannot commit to a policy, then the exchange rate’s greater transparency gives it an advantage as a monetary policy instrument."^^; "2006-07"; "2019-08-19T14:48:56.447988667+00:00"^^; "https://doi.org/10.21034/sr.297"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-10-23T20:39:45.585787716+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "393", "39"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "297"; "Time Consistency", "Monetary Instrument", "Exchange Rate Regime", "Nominal Anchor", "Fixed Exchange Rates"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "An earlier version of this Staff Report circulated as [Working Paper 614: The Advantage of Transparent Instruments of Monetary Policy](https://doi.org/10.21034/wp.614)."^^; ; "Publication" . ; .