In this paper we provide empirical measures of central bank credibility and augment these with historical narratives … their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … credibility is particularly vulnerable during financial crises, whether its evolution is a function of the type of crisis or its …

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a … pendulum where credibility was high under the classical gold standard before 1914 before being lost and not fully regained …

, and other major advanced economies have similar levels of credibility (albeit far from full credibility); however, Japan …This paper studies the effectiveness of forward guidance when central banks have imperfect credibility. Exploiting … expectations. In our model, the key parameter that aggregates heterogeneous expectations captures the central bank's credibility …