Testing for Credibility Effects
AbstractRecent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes are examined. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable," is proposed. The methodology is then used to test for the existence of a credibility effect in the cruzado stabilization plan implemented in Brazil in 1986.
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Date of creation: 01 Nov 1991
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- C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
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