inflation when they are part of a group. I examine the effect of increased transparency - in the form of publishing the votes of … affect the policy making body's incentive to refrain from inflation. …

, average inflation and output distortions. However, as more members enter the monetary union, the fiscal disciplining effect of …

This paper reports the results of a survey among private sector economists about credibility and transparency of … Survey to answer questions on the importance and determinants of credibility. The results of both surveys are very comparable …. Credibility is considered to be important to attain price stability at low cost, while the best ways to earn credibility are a …

stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … to be cut, workers stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …

relationships, even if credibility is held constant. Comparing seller-buyer relationships with and without complete information …

higher growth. Our analysis accommodates costly signaling for gaining credibility and also assigns a novel role to spending …