This paper explores the empirical relevance of arguments based on lack of credibility for explaining high ex post real interest rates afetr stabilization programs were implemented in Argentina, Israel, and Mexico in the mid-1980s.

We do not intent here to explore the choice of nominal anchors in the context of major inflation-stabilization programmes, as this topics has been covered, to a large extent, in proceding literature. Instead, we focus on cases of moderate inflation, such as Chile, Colombia, Israel and Mexico. In...

This paper surveys and evaluates alternative views regarding the desirable combination of accountability, credibility and trasnparency in the newly created ECB (European Central Bank), including recent controversies regarding publication of minutes, Council member votes and ECB forecasts.

This paper develops extensive new data on the legal independence of central banks in 26 former socialist economies (FSE). This data is constructed using the codification system for measuring legal independence developed in Cukierman, Webb and Neyapti (1992) and in chapter 19 of Cukierman (1992)....