Announcements and credibility under inflation targeting |
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Authors: | Banu Demir Taner M Yigit |
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Institution: | aDepartment of Economics, Bilkent University, 06800 Ankara, Turkey;bWorld Bank, Turkey Country Office, Ankara-Turkey |
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Abstract: | We inspect how inflation target announcements are instrumental in building central bank credibility and shaping inflation expectations. Investigating the role of announcements by using a time varying credibility measure, we find that both the accuracy and the frequency of inflation announcements have a positive impact on how much attention the public pays to target announcements. |
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Keywords: | Inflation target announcements Inflation expectations LearningJEL classification: E31 E58 E42 |
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