this question appropriately, one must consider that EMS membership brings potentially large credibility gains to policy … inefficiency stemming from the public's mistrust for the authorities. We study the conditions under which these credibility gains …

the credibility that financial markets attach to monetary policy in the euro area. …

incentive constraints on the policy-making process, such as lack of credibility, political opportunism, political ideology, and …, and focuses on credibility, political business cycles, and optimal design of monetary institutions. Part II deals with … fiscal policy in a dynamic general equilibrium set up; the main topics covered in this section are credibility of tax policy …

-commitment. Coordination can be futile, since it exacerbates the lack of credibility perceived by the private sectors. …

credibility in order to discover the period from 1959-87 using quarterly data. A stochastic regime switching model used by … unless an autoregressive risk premium is introduced into the holding period yield on long bonds. The only evidence of a … change in the time-series behaviour of long bond yields in these data occurs at the end of 1974. There is no evidence of a …

game. We introduce a `chisel-proof' credibility condition which ensures that in response to a small deviation from the low …