to remedy the problems; and draws some general conclusions. The two main current problems are the lack of credibility of … the target and the significant risk that the target will be missed. The reasons for the lack of credibility include the …

expectations and credibility--brought about this period of stability, and traces the roots of this success back to the eighteenth … unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of … central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound …

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 …

. We show here that inflation targeting only matters if disinflations are slow. The credibility gains of a fast …