"Credibility" in Context: Do Central Bankers and Economists Interpret the Term Differently?
AbstractThe idea that the 'credibility' of monetary policy is important receives almost universal assent. But the word can mean very different things in different contexts. In particular, the meaning that it has been given by the work of Robert Barro and David Gordon is a very special one. It should not be presumed that in ordinary discussion of 'credibility' theirs is always the meaning people have in mind. Consequently, Alan Blinder's survey on attitudes to 'credibility', which failed to specify what he meant by the term, might be most misleading, and if unwarranted inferences are not to be drawn a most careful interpretation of it is required.
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Bibliographic InfoArticle provided by Econ Journal Watch in its journal Econ Journal Watch.
Volume (Year): 1 (2004)
Issue (Month): 3 (December)
credibility; central bank independence;
Find related papers by JEL classification:
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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- Iordachioaia Adelina-Geanina, 2011. "Monetary Policy and Economic Policy," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 1(2), pages 4, February.
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