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Could Reputation-Bias be a Bigger Problem than Inflation-Bias?

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 its 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 base...

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James Forder More by this author
Volume:
22
Series:
Discussion paper series
Publication date:
2000
URN:
uuid:3a2071e7-e4d2-4c6f-aba5-6b8e73198aa0
Local pid:
ora:1058
Language:
English

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