TAILIEUCHUNG - Working PaPer SerieS no 1146 / January 2010: The role of cenTral bank TranSParency for guiding PrivaTe SecTor forecaSTS

Although these reports are worrying, the lack of reliable information has made it difficult to understand what has been actually happening. Against this backdrop, the World Bank, under the leadership of Managing Director Ngozi Okonjo-Iweala, along with other development partners, has highlighted the need for good empirical evidence to inform decision makers, especially in developing countries. One result is this report, Rising Global Interest in Farm- land: Can It Yield Sustainable and Equitable Benefits? To prepare the report, a multidisciplinary team was tasked with carrying out a multicountry study on large-scale agricultural land acquisition and this task proved to be less straightforward than originally anticipated, the effort has. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1146 I JANUARY 2010 E THE ROLE OF CENTRAL BANK TRANSPARENCY FOR GUIDING PRIVATE SECTOR FORECASTS by Michael Ehrmann Sylvester Eijffinger and Marcel Fratzscher EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1146 I JANUARY 2010 THE ROLE OF CENTRAL BANK TRANSPARENCY FOR GUIDING PRIVATE SECTOR FORECASTS 1 by Michael Ehrmann 2 Sylvester Eijffinger 3 and Marcel Fratzscher 4 In 2010 all ECB publications feature a motif taken from the 500 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1532312. We would like to thank Nergiz Dincer and Barry Eichengreen for sharing their central bank transparency data David-Jan Jansen Ernesto Villanueva and Hermann Hansen for help in the construction of the central bank communication data Qian Shen for excellent research assistance and seminar participants at the ECB for helpful comments and suggestions. Eijffinger thanks the ECB for its hospitality during his stay in Spring 2009 as Wim Duisenberg Research Fellow. This paper presents the authors personal opinions and does not necessarily reflect the views of the European Central Bank or the Eurosystem. 2 European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany e-mail 3 European Banking Center and CentER Tilburg University and CEPR e-mail 4 European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany e-mail European Central Bank 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 All rights reserved Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is .

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