In 1913, Congress purposefully created the Federal Reserve as an independent central bank, which created a fundamental … of the Federal Reserve System. A central bank’s independence, however, is the key tool to ensure a government will not …

We use a version of the Fuhrer-Moore model to study the effects of expectations and central bank credibility on the … model that vary according to the way that expectations are formed (rations versus adaptive) and the degree of central bank … central bank may face diminishing returns in its efforts to enhance credibility. …

credibility of the central bank can be considered in assessing the cost of deliberate and opportunistic disinflation. …

The institutional environments in which central banks operate have become more alike over the past decade. The author … examines the monetary policy operating procedures of the Federal Reserve and central banks in Japan, Germany, the United …