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 …

This paper provides some new evidence on the credibility of the Exchange Rate Mechanism (ERM) of the European Monetary … use of several credibility indicators, some of which have never been applied before to all of the currencies under study …

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

Standard models of policy credibility, defined as the expectation that an announced policy will be carried out …, emphasize the preferences of the policymaker, and the role of tough policies in signalling toughness and raising credibility … credibility of a no-devaluation pledge in subsequent periods. We test this implication on data for the interest rate differential …

the EMS is the only appealing policy, as all interventions at the borders of an official zone signal non-credibility to …

different methods to study the credibility of the detected fluctuation bands. The detected lack of credibility in a high …

outside these rate-of-return bands can be used as a simple test of exchange rate credibility, under the assumption of …