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

The specific role of central bank independence in determining the overall credibility of monetary policy is addressed … in this paper. It is argued that the credibility of delegating monetary policy to an independent central bank is … endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the …

credibility. We consider several strands of evidence that clearly indicate fiscal backing for central banks cannot be assumed and …

generate losses which undermine macroeconomic stability and call into question the credibility of their policies. In assessing …

and risks presented by the operational environment. Attaining credibility is facilitated if the public can easily … institutional arrangements that ensure the central bank generates profit in most states of the world, is subject to strict ex post …

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

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