(individual rating), the credibility of a good rating in an inflationary equilibrium of the signaling game is limited by the … average level of credibility for its good ratings than in individual rating. In decentralized rating, the ratings are again … degree of rating inflation and hence a greater level of credibility than in individual rating. Comparing centralized rating …

This paper analyzes the time-varying credibility of the Fed's inflation target in an empirical macro model with … across monetary policy regimes. I find that imperfect credibility is pronounced during the Volcker Disinflation and to a …

impose costs on society rather than benefits. While rational expectations and perfect credibility are generally beneficial with …