policy strategy. This assumption is equivalent to admitting the perfect credibility of inflation target announced by the …

policy strategy. This assumption is equivalent to admitting the perfect credibility of inflation target announced by the …

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

target. To (re-) establish credibility, monetary policy under discretion sets higher interest rates today if average … reflected in an additional term in the central bank's instrument rule, which we refer to as the "credibility loss." Augmenting a … and that this influence is economically meaningful. Deterioration in credibility (ceteris paribus) forces central bankers …

high credibility of the monetary authority. …

target. To (re-) establish credibility, monetary policy under discretion sets higher interest rates today if average … reflected in an additional term in the central bank's instrument rule, which we refer to as the ”credibility loss.” Augmenting a … and that this influence is economically meaningful. Deterioration in credibility (ceteris paribus) forces central bankers …

The paper investigates the presence of monetary policy credibility in eight countries by filtering the residuals from … an “augmented” Phillips curve. Two of the eight countries (US and New Zealand) exhibit robust credibility effects across … samples. Two countries (South Africa and the UK) exhibit credibility effects in the sample involving the 1990s, but these …