Central Bank credibility and inflation expectations: a microfounded forecasting approach

João Issler and Ana Flávia Soares

No 812, FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) from EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil)

Abstract: Credibility is elusive and no generally agreed upon measure of it exists. Despite that, Blinder (2000) generated a consensus in the literature by arguing that ”A central bank is credible if people believe it will do what it says”. It is very hard to argue against such a definition of credibility, being the reason why it became so popular among central bankers and academics alike.

Date: 2019-02
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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