Absolute and Relative Anti-inflation Reputation: Evidence from the Bond Markets

Ivo Arnold () and Rene G J den Hertog

The Manchester School of Economic & Social Studies, 1996, vol. 64, issue 0, pages 66-82

Abstract: This paper adds to the literature on finding empirical measures for macroeconomic game-theoretic concepts. Building on the work by A. A. Weber, the authors measure antiinflation reputation by looking at the pricing of inflation in bond markets. Their model distinguishes between the effects of the 'home' inflation and 'worldwide' inflation on bond returns. In this way, the authors are able to identify countries where central bankers accommodate swings in worldwide inflation but resist domestic inflation pressures. They introduce the term 'relative antiinflation reputation' for such central bankers. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1996

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Persistent link: http://EconPapers.repec.org/RePEc:bla:manch2:v:64:y:1996:i:0:p:66-82

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