Testing for Credibility Effects

This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. 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.
Publication date: November 1991
ISBN: 9781451853254
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Inflation , inflation , monetary economics , monetary policy , money supply , monetary fund

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