search query: @freeterm Credibility / total: 8
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| Author: | Blinder, A.S. |
| Title: | Central-bank credibility: Why do we care? How do we build it? |
| Journal: | American Economic Review
2000 : DEC, VOL. 90:5, p. 1421-1431 |
| Index terms: | CENTRAL BANKS FINANCIAL POLICY |
| Freeterms: | CREDIBILITY |
| Language: | eng |
| Abstract: | Over the last 15 years or so, the concept of credibility has become a central concern of the scholarly literature on the monetary policy. The author proposes seven reasons why credibility is important. In brief, there appear to be no shortcuts to greater credibility; it is earned by building a track record for honesty and inflation (in that order of importancy), not by limiting discretion via commitment technologies nor by entering into incentive-compatible contracts. |
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