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 …

We propose a continuous time model of nominal debt and investigate the role of inflation credibility in the potential … punishment of default. With high inflation credibility, which can be interpreted as joining a monetary union or issuing foreign … currency debt, debt is effectively real. By contrast, with low inflation credibility, sovereign debt is nominal and in a debt …

Continental dollar lost credibility. Depreciation and collapse followed shortly thereafter …

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 …

This paper asks whether developing countries can reap credibility gains from submitting policy to a strict monetary … adoption of a rule-based monetary framework such as the gold standard increased policy credibility. On the basis of the largest … lower borrowing costs. We demonstrate that in the poor periphery -- where policy credibility is a particularly acute problem …