Testing for Credibility Effects
Recent 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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Volume (Year): 39 (1992)
Issue (Month): 3 (September)
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