credibility when it is inconceivable that a programme will succeed with probability one. A cost-benefit analysis establishes an … equilibrium programme that has some ex ante probability of failure, so that credibility is always less than full. The context is a …

Do existing theories of stabilization help understand the credibility issues involved in such programs? The experience … traditional modeling of credibility. The first sections deals with stabilization as a one shot problem. This approach is used to … ask what "credibility might mean in a world where it is inconceivable that a program will succeed with probability 1. A …

Can the credibility of a stabilization plan affect the output costs of disinflation? The new classical economics has … yield a special credibility bonus? And is the stabilization program sustainable. The answer to both questions is negative …. The idea of a credibility bonus Is an attractive potential policy implication of EMS membership: by joining the EMS …

Do existing theories of stabilization help understand the credibility issues involved in such programs? The experience … traditional modeling of credibility. The first sections deals with stabilization as a one shot problem. This approach is used to … ask what "credibility might mean in a world where it is inconceivable that a program will succeed with probability 1. A …

Can the credibility of a stabilization plan affect the output costs of disinflation? The new classical economics has … yield a special credibility bonus? And is the stabilization program sustainable. The answer to both questions is negative …. The idea of a credibility bonus Is an attractive potential policy implication of EMS membership: by joining the EMS …