DISCLOSURE AND SECRECY IN MONETARY POLICY

抄録

The role of secrecy in the implementation of monetary policy has recently not only stimulated various arguments by economists, but also greatly increased their interest in the effectiveness of the secrecy. This study is associated with the effects of secrecy on the interest rate and how social welfare is influenced. My model may suggest the possibility that the disclosure of monetary policy can both improve social benefit and reduce the undue disturbance or overreaction of the market place if the agents are assumed to be rational in the competitive setting.