The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures …

government borrowing costs below rates of growth ("r < g") generate a "free lunch" in the sense that debt sustainability does not …", albeit of limited size. The value of such services depends on the credibility of the central bank, which can be accumulated …

policy credibility. Under the floating regime, Chile's economic adjustment to external shocks appears significantly improved …

extended model does a much better job in accounting for the deterioration in monetary policy credibility and the output costs …-output process that arise from convexity in the Phillips curve and endogenous monetary policy credibility. We find that the dynamic … of regaining monetary policy credibility once it has been lost …

A loss of solvency increases central bank vulnerability, reducing the credibility of commitments to defend a nominal …

This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional … model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over … time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function …