their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the …In this paper we provide empirical measures of central bank credibility and augment these with historical narratives … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a … pendulum where credibility was high under the classical gold standard before 1914 before being lost and not fully regained …