Detail publikace

Peer Effects in Central Banking

Autor: prof. Roman Horváth Ph.D.,
Typ: IES Working Papers
Rok: 2020
Číslo: 24
ISSN / ISBN:
Publikováno v: IES Working Papers 24/2020
Místo vydání: Prague
Klíčová slova: peer effects, central banks, transparency
JEL kódy: C31, D83, E58
Citace: Horváth, R. (2020) : "Peer Effects in Central Banking" IES Working Papers 24/2020. IES FSV. Charles University.
Abstrakt: We provide a new explanation for why central banks have become transparent over the last three decades. We apply recently developed social interaction panel regression models for the observational data, which allow the identification of peer effects. The identification is based on variations in the past monetary policy régime exogenously determined with respect to transparency. Previous literature has argued that domestic factors such as macroeconomic stability were behind the trend toward greater transparency. In contrast, our results indicate that transparency primarily increased because of a favorable global environment and, importantly, because of the peer effects among central bankers. Central bankers thus learned from each other's experiences regarding transparency. To our knowledge, our paper is the first econometric analysis of peer effects among public institutions or in the macroeconomic literature.
Ke stažení: wp_2020_24_horvath

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