Mariscal, Rodrigo; Powell, Andrew; Tavella, Pilar - 2014
success of this regime may depend critically on the credibility of the target and the expectation that the authorities will … anchoring of expectations is interpreted as a gain in credibility. Also considered are the effects on the credibility of the … anchored over the whole sample period, credibility has risen, but at the same time the cost of breaching the target has grown. …
