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The Credibility of Monetary Policy Announcements
Ansgar BelkeAndreas FreytagJonas KeilFriedrich Schneider
其他書名
Empirical Evidence for OECD Countries Since the 1960s
出版RUB, Department of Economics, 2012
ISBN38678840999783867884099
URLhttp://books.google.com.hk/books?id=XcF0zQEACAAJ&hl=&source=gbs_api
註釋Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this weak link and present the argument that monetary commitment is not credible in itself. It can grant price stability best if it is backed by an adequate assignment of economic policy. An empirical assessment based on panel data covering five decades and 22 OECD countries confirms the crucial role of a credibly backed monetary commitment for price stability.