Working Papers

August 1985, No. 85-7

Monetary Mystique: Secrecy and Central Banking

Marvin Goodfriend

The paper contains a theoretical discussion of the role of secrecy in the implementation of monetary policy.  It documents the Federal Reserve's defense of secrecy as argued in a recent Freedom of Information Act suit.  The Federal Reserve's arguments are evaluated on the basis of economic theory.  Theoretical papers related to the secrecy issue are reviewed.  The discussion highlights a number of potential benefits and costs of central banking secrecy, and identifies some conditions under which secrecy could be socially beneficial.

Our Research Focus: Inflation and Monetary Policy

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