extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases … target. Credibility enables expectation to be formed in a forward-looking way by weakening its connection with the past. This … study aims to contribute to the literature concerning the effects of credibility on monetary policy. For this purpose, using …

extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases … target. Credibility enables expectation to be formed in a forward-looking way by weakening its connection with the past. This … study aims to contribute to the literature concerning the effects of credibility on monetary policy. For this purpose, using …

flexibility and credibility; similarly, New Zealand's improved inflation performance was achieved without a discernable increase …

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 …

macroeconomic environment. We find that central bank credibility is negatively associated with the level of inflation target …

credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields … higher welfare than inflation targeting. We revisit this issue by introducing imperfect credibility, which is modeled as … targeting, if any, are small. -- Credibility ; Monetary policy framework …

credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields … higher welfare than inflation targeting. We revisit this issue by introducing imperfect credibility, which is modeled as … targeting are small. A welfare loss occurs, if imperfect credibility is highly persistent. -- Credibility ; Monetary policy …

macroeconomic environment. We find that central bank credibility is negatively associated with the level of inflation target … targeting ; central bank ; inflation ; credibility ; independence …