behavior is disciplined by reputational concerns, the value of reputation depends on economic fundamentals that vary over the … for analysts, and expectations about the future. We analyze a dynamic model of ratings where reputation is endogenous and …

convince consumers of the high quality of its products. Alternatively, a firm can rely on external certification of the quality … external certification. We also show that the potential to signal quality is improved if consumers condition their beliefs on … the source of information, namely whether information comes from external certification or from random detection. …

--induced certification acts as an inspection device, whence seller--induced certification acts as a signalling device. Seller …Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer …--induced certification maximizes the certifier's profit and social welfare. This suggests the general principle that certification is, and …

. To realize the gains from international cooperation requires reputation; and to realize the gains from reputation … requires cooperation. Moreover, cooperative policies with reputation are found to be sustainable; and the joint gains from … cooperation and reputation are found to be considerable. …

inconsistency problem. They assume that policy-makers suffer a loss of reputation if they renege on earlier commitments. With this …

expectations improve and the economy grows. Once there is predation, the reputation of the current government is ruined and the …