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The Rise, Fall and Stabilization of U.S. Inflation : Shifting Regimes and Evolving Reputation

King, Robert G.; Lu, Yang - National Bureau of Economic Research - 2021

The rise, fall, and stabilization of US inflation between 1969 and 2005 is consistent with a model of shifting policy regimes that features a forward-looking New Keynesian Phillips curve, policymakers that can or cannot commit, and private sector learning about policymaker type. Using...

Persistent link: https://www.econbiz.de/10012794613

Reputation in a Model of Monetary Policy with Incomplete Information

Barro, Robert J. - 1986

Previous models of rules versus discretion are extended to include uncertainty about the policymaker's "type." When people observe low inflation, they raise the possibility that the policymaker is committed to low inflation (type 1). This enhancement of reputation gives the uncommitted...

Persistent link: https://www.econbiz.de/10012477283

Credibility and Monetary Policy

McCallum, Bennett T. - 1984

The purpose of this paper is to describe and evaluate the most important existing ideas concerning credibility of …

Persistent link: https://www.econbiz.de/10012477596

Contracts, Credibility, and Disinflation

Fischer, Stanley - 1984

Estimates of the cost of disinflation made before the recent reduction in the inflation rate varied widely. Estimates were made in terms of the sacrifice ratio -- the percentage points of GNP at an annual rate lost per percentage point reduction in the inflation rate. At one extreme it was...

Persistent link: https://www.econbiz.de/10012477755

Commodity Prices, Overshooting, Money Surprises, and Fed Credibility

Frankel, Jeffrey A. - 1983

The general price level does not provide a sensitive indicator of whether monetary policy is tight or loose, because mostprices are sticky. Interest rates are free to move, but they are an ambiguous indicator of monetary policy: one does not know whether changes in the interest rate are due to...

Persistent link: https://www.econbiz.de/10012477981

Rules, Discretion and Reputation in a Model of Monetary Policy

Barro, Robert J. - 1983

In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymaker's incentives and form their...

Persistent link: https://www.econbiz.de/10012478024

Steering in Online Markets : The Role of Platform Incentives and Credibility

Barach, Moshe A. - 2019

Platform marketplaces can potentially steer buyers to certain sellers by recommending or guaranteeing those sellers. Money-back guarantees--which create a direct financial stake for the platform in seller performance--might be particularly effective at steering, as they align buyer and platform...

Persistent link: https://www.econbiz.de/10012479867

The Transformation and Performance of Emerging Market Economies Across the Great Divide of the Global Financial Crisis

Bordo, Michael D. - 2019

credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs … credibility in EMEs was more fragile than was the case for the AEs in the face of the global shocks (from the US) than was the …

Persistent link: https://www.econbiz.de/10012480286

The Credibility Revolution in Empirical Economics : How Better Research Design is Taking the Con out of Econometrics

Angrist, Joshua - 2010

credibility revolution in empirical work can be traced to the rise of a design-based approach that emphasizes the identification … their prima facie credibility and by the attention investigators devote to making the case for a causal interpretation of …

Persistent link: https://www.econbiz.de/10012462856

Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard

Mitchener, Kris James - 2009

We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...

Persistent link: https://www.econbiz.de/10012463248