In this paper we provide empirical measures of central bank credibility and augment these with historical narratives … their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … credibility is particularly vulnerable during financial crises, whether its evolution is a function of the type of crisis or its …

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a … pendulum where credibility was high under the classical gold standard before 1914 before being lost and not fully regained …

In this paper we analyze the operation of the inter-war gold exchange standard to see if the evident credibility of the …

This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various … incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and …: it covers credibility issues, political business cycles, and optimal design of monetary institutions. Part II deals with …

credibility, because of time-inconsistency of the optimal policy under commitment, and (iii) coordination failure, because a …

outside these rate-of-return bands can be used as a simple test of exchange rate credibility, under the assumption of …

accounts). We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and …