Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - In: International Review of Economics & Finance 33 (2014) C, pp. 217-227
a correlation between monetary commitment to rules and price stability is relatively weak. We discuss likely causes for … this weak link and argue that monetary commitment is not necessarily credible by itself without adequate policy assignment …. Results confirm the crucial role of a credibly backed monetary commitment for price stability. …