Once you allow for persistence in macroeconomic variables, two aspects of exchange rate credibility emerge whose … of regime-dependent determination of credibility for major EMS countries. The model separates two regimes that are … ; interest rate differentials ; regimedependent impulse response functions ; credibility …

macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. The … crucial for the success of a monetary reform. -- Monetary Reforms ; Credibility ; Commitment ; Institutions …