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The Theory of Credibility and the Reputation-Bias of Policy.

Abstract:

The theory of policy credibility has been influential in both the design of monetary policymaking institutions and in the implementation of policy. In particular, the idea that 'reputation' is important has been widely accepted. However, careful attention to the assumptions and implications of the theory reveals many sources of doubt as to its empirical value. First, the theory is implausible and, even if taken seriously, does not point to many of the conclusions frequently supposed to be bas...

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Publisher copy:
10.1080/09538250150210559

Authors


Publisher:
Taylor and Francis
Journal:
Review of Political Economy
Volume:
13
Issue:
1
Pages:
5 - 25
Publication date:
2001-01-01
DOI:
ISSN:
0953-8259
Language:
English
UUID:
uuid:06ca41ae-9f75-48b5-b77e-2c07779afed1
Local pid:
oai:economics.ouls.ox.ac.uk:14720
Deposit date:
2011-08-16

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