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Central bank credibility

Author

Listed:
  • Paul Gomme

Abstract

Major League Baseball Commissioner Bud Selig announced he would crack down on steroid use in baseball, hoping to stop players from doping. He was forced to discipline stars like Rafael Palmeiro, possibly hurting the game immediately, in order to develop a reputation for being tough on steroids. The Federal Reserve System has worked hard over the past few decades not only to lower inflation and keep it low, but also to convince the public that it is dedicated to delivering low inflation over the long haul. This Commentary explains why credibility is so important to monetary policymakers.

Suggested Citation

  • Paul Gomme, 2006. "Central bank credibility," Economic Commentary, Federal Reserve Bank of Cleveland, issue Aug.
    • Handle: RePEc:fip:fedcec:y:2006:i:aug1
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    File URL: https://www.clevelandfed.org/-/media/project/clevelandfedtenant/clevelandfedsite/publications/economic-commentary/2006/ec-20060801-central-bank-credibilty-pdf.pdf
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    Citations

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    Cited by:

    1. Fernando Nascimento de Oliveira & Wagner Piazza Gaglianone, 2020. "Expectations anchoring indexes for Brazil using Kalman filter: Exploring signals of inflation anchoring in the long term," International Economics, CEPII research center, issue 163, pages 72-91.
    2. Mertzanis, Charilaos, 2020. "Financial supervision structure, decentralized decision-making and financing constraints," Journal of Economic Behavior & Organization, Elsevier, vol. 174(C), pages 13-37.

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