limited deviation was possible within the 'gold points'. On the other hand, the credibility of inflation targeting regime is …

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. …

This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various … 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 …

-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 …, on a number of basic tests. Their relationship with yields on treasury bills, however, is not consistent with the theory …