Amisano, Gianni; Tronzano, Marco - Dipartimento di Economia e Management, Università … - 2005
This paper extends Svensson (1994) ?simplest test?of in?ation target credibility inside a Bayesian econometric framework. We apply this approach to the initial years of the Eurosystem and obtain various estimates of ECB?s monetary policy credibility. Overall, our empirical evidence is robust to...