| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21710 |
| 来源ID | Working Paper 21710 |
| Central bank Credibility Before and After the Crisis | |
| Michael D. Bordo; Pierre L. Siklos | |
| 发表日期 | 2015-11-16 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | A new measure of credibility is constructed as a function of the differential between observed inflation and some estimate of the inflation rate that the central bank targets. The target is assumed to be met flexibly. Credibility is calculated for a large group of both advanced and emerging countries from 1980 to 2014. Financial crises reduce central bank credibility and central banks with strong institutional feaures tend to do better when hit by a shock of the magnitude of the 2007-2008 financial crisis. The VIX, adopting an inflation target and central bank transparency, are the most reliable determinants of credibility. Similarly, real economic growth has a significant influence on central bank credibility even in inflation targeting economies. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w21710 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579385 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Pierre L. Siklos. Central bank Credibility Before and After the Crisis. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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