success of this regime may depend critically on the credibility of the target and the expectation that the authorities will … anchoring of expectations is interpreted as a gain in credibility. Also considered are the effects on the credibility of the … anchored over the whole sample period, credibility has risen, but at the same time the cost of breaching the target has grown. …

reduction in this range. This further evidences the effectiveness of the expectations channel, thanks to the credibility that …

MAKPAM model and exogenous determinants, such as output gap, world commodity prices, and foreign effective inflation. The …

data from 1995Q4 to 2021Q4 and Bayesian estimation methods, we find that trend inflation has been well-anchored during the …