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 …

Central bank credibility is critical for the effectiveness of monetary policy. The measures of credibility that are … alternative measure that allows us to track the evolution of credibility in an inflationary environment. Credibility is defined as … decisions. We adopt a Bayesian set up to exploit this definition and document how credibility changes over time. Our measure …