expectations. In our model, the key parameter that aggregates heterogeneous expectations captures the central bank's credibility …, and other major advanced economies have similar levels of credibility (albeit far from full credibility); however, Japan …'s central bank credibility is much lower. For each country, our measure of credibility has declined over time, making forward …

growth varies considerably over time and across the four countries, and it is always less important, except in Japan, than … Japan (30%), while TFP levels are very close in France, the United Kingdom and the United States, but much lower (40%) in … Japan …

We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central …

up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and …

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives …

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … financial stability relying on macro prudential regulation may pose significant challenges for central bank credibility …

This paper examines the operation of the gold standard and the performance of the Bank of England during the crisis of … external monetary drains,the Bank of England suspended Peel's act and thereby was allowed to issue fiat money without being …

(1700-1850), the United States (1790-1850), and Japan (1880-1913) suggests that the emergence of financial instruments …

whether the central bank chooses to buy domestic or foreign assets, thus resulting in transfers either within or between … compensates for losses (the structure of indemnification agreements). Data from the Federal Reserve, the Eurosystem, and the Bank … of England show that maximum annual losses are between 0.3 and 1.5 percent of GDP. By contrast, the Swiss National Bank …

The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt … on one particular aspect of that nexus, the effect the reliability of the European Central Bank's monetary policy on … Euro Area countries. For comparison we also estimate the fiscal consequences of the Federal Reserve and the Bank of England …