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 …

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 … the zero reputation limit, a gradual disinflation is preferred despite the absence of inflation inertia in the private …

dramatically if the game is repeated. This allows for effects on the trade union's reputation. It can be shown that this, in turn …