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 …

loss of credibility is found. Second, the frequency with which the world economy experiences economic and financial crises …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 …

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 …

credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs … credibility in EMEs was more fragile than was the case for the AEs in the face of the global shocks (from the US) than was the …

to remedy the problems; and draws some general conclusions. The two main current problems are the lack of credibility of … the target and the significant risk that the target will be missed. The reasons for the lack of credibility include the …