. Second, the monetary policy response on the financial and sovereign debt crisis might trigger a decline in credibility, and …

citizens in January 2019 that is designed to measure long-term inflation expectations and the credibility of the inflation … target. Our results indicate that credibility has decreased in our sample period, particularly in the course of the deep … several years, credibility has declined mainly because Germans increasingly expect that inflation will be much higher than 2 …

s were mainly due to imperfect credibility, evident in volatility and stubbornness of long-term interest rates. Studying …'s credibility. We also consider the interplay of monetary targets, operating procedures, and credibility during the Volcker …