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Board of Governors of the Federal Reserve System

International Finance Discussion Papers

Number 605

March 1998

TRANSPARENCY AND CREDIBILITY:

MONETARY POLICY WITH UNOBSERVABLE GOALS

Jon Faust and Lars E.O. Svensson

NOTE: International Finance Discussion Papers are preliminary materials circulated

to stimulate discussion and critical comment. References to International Finance

Discussion Papers (other than an acknowledgment that the writer has had access to

unpublished material) should be cleared with the author or authors. Recent IFDPs

are available on the Web at www.bog.frb.fed.us.

TRANSPARENCY AND CREDIBILITY:

MONETARY POLICY WITH UNOBSERVABLE GOALS

�Jon Faust and Lars E.O. Svensson

Abstract: We de�ne and study transparency, credibility, and reputation in a model

in which the central bank's characteristics are unobservable to the private sector and

are inferred from the policy outcome. A low-credibility bank optimally conducts a

more in ationary policy than a high-credibility bank, in the sense that it induces

higher in ation, but a less expansionary policy in the sense that it induces lower

in ation and employment than expected. Increased transparency makes the bank's

reputation and credibility more sensitive to its actions, which has a moderating in-

uence on the bank's policy. Full transparency of the central bank's intentions is

generally socially bene�cial, but frequently not in the interest of the bank. Some-

what paradoxically, direct observability of idiosyncratic central bank goals removes

the moderating incentive on the bank and leads to the worst equilibrium.

Keywords: credibility, transparency, monetary policy, dynamic game.

� Faust: Division of International Finance, Board of Governors of the Federal

Reserve System ([email protected]); Svensson: Institute for International Economic

Studies, Stockholm University, CEPR and NBER ([email protected]). The

authors thank participants in seminars at the Board of Governors, the Institute for

International Economic Studies, Reserve Bank of Australia, University of Canter-

bury and Victoria University of Wellington, and especially David Bowman, Martin

Flod�en, Dale Henderson, Andy Levin, Jaime Marquez, Bennett McCallum, Stefan

Palmqvist, Torsten Persson and Michael Woodford, for helpful comments. They

also thank Christina L�onnblad for secretarial and editorial assistance. Part of the

paper was written when Lars Svensson visited the Reserve Bank of New Zealand

and Victoria University of Wellington; he thanks these institutions for their hospi-

tality. Remaining errors are the authors' own; the views in this paper are solely the

responsibility of the authors and should not be interpreted as re ecting the views

of the Board of Governors of the Federal Reserve System, the Reserve Bank of New

Zealand, or of others associated with those institutions.

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