the ECB also hinges on trust in political institutions more generally and, to a lesser extent, on generalized trust (i …

This paper looks at how the reputation of a monetary policy making committee is jointly determined with the reputations … of its individual members. I ask whether individuals ha ve more or less incentive to gain a reputation for being tough on …

We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the … Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief … future grounds with temptation leads the way for a negative drift of reputation in equilibrium. Plans that successfully …