Most of the empirical studies dealing with international business cycles have disregarded the credibility issues that …

credibility) but the degree of anchoring to this target has gone down, implying an erosion of what we call anchoring credibility …. A decline in anchoring credibility can explain increased forecast variance independently of any changes in inflation …

different methods to study the credibility of the detected fluctuation bands. The detected lack of credibility in a high … percentage of the sample is robust to the use of several credibility tests, suggesting that economic agents do not behave as if …

, such as the ERM, this policy was not undermined by credibility problems. The episode provides an ideal testing ground for …