evolving Fed credibility, which accords with our recent work using a quantitative New Keynesian model. We define credibility as …, no conflict arises between flexible inflation targeting and maintaining/accumulating credibility. Second, implicit …

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 …

A simple test of inflation target credibility is constructed by subtracting the maximum and minimum inflation rates …, fall outside the range of target- consistent real yields, credibility is rejected. Two concepts of credibility, called … absolute credibility and credibility in expectation, are distinguished. The inflation targets of Canada, New Zealand and Sweden …