Testing for Credibility Effects

Recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes are examined. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable," is proposed. The methodology is then used to test for the existence of a credibility effect in the cruzado stabilization plan implemented in Brazil in 1986.

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Year of publication:	1992
Authors:	Agénor, Pierre-Richard ; Taylor, Mark P.
Published in:	IMF Staff Papers. - Palgrave Macmillan, ISSN 1020-7635. - Vol. 39.1992, 3, p. 545-571
Publisher:	Palgrave Macmillan

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Extent:	application/pdf
Type of publication:	Article
Classification:	C4 - Econometric and Statistical Methods: Special Topics ; E3 - Prices, Business Fluctuations, and Cycles ; E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008915389