Central Bank Credibility: Determinants and Measurement. A Cross-Country Study

Joanna Mackiewicz-Łyziak

Acta Oeconomica, 2016, vol. 66, issue 1, 125-151

Abstract: This paper proposes a new measure of central bank credibility - the credibility index calculated on the basis of the key determinants of central bank credibility. The index is compiled for 9 countries: the Czech Republic, Hungary, Slovakia, Poland, Chile, Brazil, Turkey, United Kingdom and Sweden, for the years 1999-2007. The results are cross-checked with other credibility measures based on inflation expectations of two groups of economic agents. The analysis demonstrates that the credibility index may be considered a relevant and consistent credibility measure.

Keywords: central bank; monetary policy; credibility; transparency (search for similar items in EconPapers)
JEL-codes: C22 D12 D84 E52 (search for similar items in EconPapers)
Date: 2016
Note: I thank the two anonymous referees for their valuable comments and suggestions. Any remaining errors are my own.
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Citations: View citations in EconPapers (3)

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