This paper analyzes the time-varying credibility of the Fed's inflation target in an empirical macro model with … asymmetric information, where the public has to learn about the actual inflation target from the Fed's interest rate policy. To … across monetary policy regimes. I find that imperfect credibility is pronounced during the Volcker Disinflation and to a …

Evidence on the credibility of a central bank's inflation target typically refers to the anchoring of survey …-varying credibility of the inflation target. Our results indicate that credibility has significantly decreased in our sample period … below 2% for several years, credibility has declined mainly because Germans increasingly expect that inflation will be much …

strategy to address future ELB episodes. The central bank can offset some of the inflation-induced learning loss by deviating … from its new strategy, but this decision comes at the cost of higher near-term inflation and greater uncertainty about …

We use a representative online survey to investigate the inflation expectations of German consumers and the credibility … of the ECB's inflation target during the recent high inflation period. We find that credibility has trended downwards … since summer 2021, reaching an all-time low in April 2022. The high correlation between inflation expectations and the …