Despite the vast growth in the theoretical literature on the importance of credibility and reputation in the conduct of … (1985a,b) model, to the game-theoretical credibility models of Cukierman and Meltzer (1986a,b,c). The paper presents … empirical estimates of the Cukierman and Meltzer credibility measure, viewed as the information content of monetary …

, because of the credibility problem that the central bank faces, the public will not believe a precise announcement. By …