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

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 …

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 …