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 …

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 … credibility is particularly vulnerable during financial crises, whether its evolution is a function of the type of crisis or its …

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 …

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 … credibility is particularly vulnerable during financial crises, whether its evolution is a function of the type of crisis or its …

behaviour is present. A main finding, for the US, is that after credibility-building and disinflation have been established, the … new type of inflation bias. Conversely, where, as is the case in the UK, credibility-building is still a concern for the …