degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …

Keynes’s analysis offers insights into practical issues, such as policy credibility and expectations management, that reach …

Exchange-rate-based stabilisations, even if successful, usually lack credibility initially. This is reflected in high …

Can developing countries enhance credibility with international markets by adopting a hard currency peg? In this paper …

consumers somewhat bewildered or cynical. What would happen if the credibility of the appeals made on behalf of one brand should … respond to such a change in credibility? …

' (investors'?) motives are unobservable. This paper analyzes the crucial role of imperfect credibility in a currency crisis with a … innovations: (1) It specifies the cost of imperfect credibility, and (2) It quantifies the cost of imperfect credibility …. Imperfect credibility generates small (but costly) average interest rate differentials. Imperfect credibility cannot generate …