credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields … higher welfare than inflation targeting. We revisit this issue by introducing imperfect credibility, which is modeled as …

credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields … higher welfare than inflation targeting. We revisit this issue by introducing imperfect credibility, which is modeled as … targeting are small. A welfare loss occurs, if imperfect credibility is highly persistent. …

macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. The …

extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases … target. Credibility enables expectation to be formed in a forward-looking way by weakening its connection with the past. This … study aims to contribute to the literature concerning the effects of credibility on monetary policy. For this purpose, using …

the long run is caused by high money growth; the empirical evidence in favor of the quantity theory of money is … targeting or the main predictions of the quantity theory of money. The instability of money demand has led many central banks to … prevail among central bankers and economists alike. After all, the quantity theory of money holds well enough to stress the …

-)establish credibility, optimal monetary policy under discretion is shown to set higher interest rates today if average inflation exceeded … term in the central bank's optimal instrument rule, which we refer to as the credibility loss. Augmenting a standard Taylor … seven central banks and that this influence is economically meaningful. A deteroriation in credibility forces central …

The paper compares the credibility of currency boards and (standard) pegs. Abandoning a currency board requires a time …

ecological ones. Taxes solve the credibility problem a monopoly supplier of licenses would face, and lead to a suboptimal low …

The theory 'corporate social responsibility' (CSR) is characterized in the paper. The paper expresses the authors …