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

of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy … good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical … analysis suggests that markets reward credibility with more favorable sovereign financing conditions …

", albeit of limited size. The value of such services depends on the credibility of the central bank, which can be accumulated …

monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the …

currency boards’ effectiveness hinges on their credibility properties and that they can improve welfare even with high …

, or dollarization, while often prescribed as a solution to the problem of a lack of credibility for developing countries …

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

and risks presented by the operational environment. Attaining credibility is facilitated if the public can easily …