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

Author

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  • Forder, J.

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 based on it. Second, evidence suggests the theory is false. Third, even policymakers who profess themselves concerned about the maintenance of credibility do not behave consistently in the way the theory says they should.

Suggested Citation

  • Forder, J., 2000. "Could Reputation-Bias be a Bigger Problem than Inflation-Bias," Economics Series Working Papers 9922, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:9922
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    More about this item

    Keywords

    DEFLATION ; BANKS ; POLICY MAKING;
    All these keywords.

    JEL classification:

    • 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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