Let’s look at an aspect that interests me particularly: monetary policy. The opinions expressed by analysts on monetary policy decisions often concern not only the impact of a given decision on the markets, but the substance of the decision, namely whether it is appropriate or not. The parameters according to which the analyst expresses his/her views are however not transparent.
It is unclear, in fact, if the analyst is expressing an opinion based on an objective function which is the same as that of the monetary authority – price stability in the ECB’s case – or based on his/her specific interest, particularly his/her  3  See, for example, Bolton, P., Freixas, X., Shapiro, J.