Notes on credibility and economic policy

Autores
Calvo, Guillermo
Año de publicación
1988
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
‘The word "credibility" seems to spring up to the lips of policy makers with greater frequency now that several cherished simple systems (Bretton Woods, Flexible Exchange Rates, "Tablita") have run into serious implementation trouble. Sometimes one cannot even repress the suspicion that the word is no more than a stratagem to shift the blame of policy failure from those who are supposed to make policy to the innocent bystanders who are generically called "the private sector." Be it as it may, the point of the matter is that economic analysis has only recently begun to make some inroads into the credibility issue, and thus the word means different things to different people. The present notes are intended to provide an (admittedly incomplete) overview of some of the key insights of the new economics of credibility. I think that, aside from mere rhetoric, credibility plays a crucial role for economic policy, and it is, therefore, important to make the central ideas more accessible to a wider audience. The discussion will proceed through a series of steadily more realistic scenarios, culminating with a fixed-exchange rate system subject to periodic crises. We will be concerned with both the impact and the roots of imperfect credibility.
Facultad de Ciencias Económicas
Materia
Ciencias Económicas
new economics of credibility
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/169817

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spelling Notes on credibility and economic policyCalvo, GuillermoCiencias Económicasnew economics of credibility‘The word "credibility" seems to spring up to the lips of policy makers with greater frequency now that several cherished simple systems (Bretton Woods, Flexible Exchange Rates, "Tablita") have run into serious implementation trouble. Sometimes one cannot even repress the suspicion that the word is no more than a stratagem to shift the blame of policy failure from those who are supposed to make policy to the innocent bystanders who are generically called "the private sector." Be it as it may, the point of the matter is that economic analysis has only recently begun to make some inroads into the credibility issue, and thus the word means different things to different people. The present notes are intended to provide an (admittedly incomplete) overview of some of the key insights of the new economics of credibility. I think that, aside from mere rhetoric, credibility plays a crucial role for economic policy, and it is, therefore, important to make the central ideas more accessible to a wider audience. The discussion will proceed through a series of steadily more realistic scenarios, culminating with a fixed-exchange rate system subject to periodic crises. We will be concerned with both the impact and the roots of imperfect credibility.Facultad de Ciencias Económicas1988info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/169817enginfo:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works1988/CalvoGuillermo.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-29T11:43:26Zoai:sedici.unlp.edu.ar:10915/169817Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-29 11:43:27.202SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Notes on credibility and economic policy
title Notes on credibility and economic policy
spellingShingle Notes on credibility and economic policy
Calvo, Guillermo
Ciencias Económicas
new economics of credibility
title_short Notes on credibility and economic policy
title_full Notes on credibility and economic policy
title_fullStr Notes on credibility and economic policy
title_full_unstemmed Notes on credibility and economic policy
title_sort Notes on credibility and economic policy
dc.creator.none.fl_str_mv Calvo, Guillermo
author Calvo, Guillermo
author_facet Calvo, Guillermo
author_role author
dc.subject.none.fl_str_mv Ciencias Económicas
new economics of credibility
topic Ciencias Económicas
new economics of credibility
dc.description.none.fl_txt_mv ‘The word "credibility" seems to spring up to the lips of policy makers with greater frequency now that several cherished simple systems (Bretton Woods, Flexible Exchange Rates, "Tablita") have run into serious implementation trouble. Sometimes one cannot even repress the suspicion that the word is no more than a stratagem to shift the blame of policy failure from those who are supposed to make policy to the innocent bystanders who are generically called "the private sector." Be it as it may, the point of the matter is that economic analysis has only recently begun to make some inroads into the credibility issue, and thus the word means different things to different people. The present notes are intended to provide an (admittedly incomplete) overview of some of the key insights of the new economics of credibility. I think that, aside from mere rhetoric, credibility plays a crucial role for economic policy, and it is, therefore, important to make the central ideas more accessible to a wider audience. The discussion will proceed through a series of steadily more realistic scenarios, culminating with a fixed-exchange rate system subject to periodic crises. We will be concerned with both the impact and the roots of imperfect credibility.
Facultad de Ciencias Económicas
description ‘The word "credibility" seems to spring up to the lips of policy makers with greater frequency now that several cherished simple systems (Bretton Woods, Flexible Exchange Rates, "Tablita") have run into serious implementation trouble. Sometimes one cannot even repress the suspicion that the word is no more than a stratagem to shift the blame of policy failure from those who are supposed to make policy to the innocent bystanders who are generically called "the private sector." Be it as it may, the point of the matter is that economic analysis has only recently begun to make some inroads into the credibility issue, and thus the word means different things to different people. The present notes are intended to provide an (admittedly incomplete) overview of some of the key insights of the new economics of credibility. I think that, aside from mere rhetoric, credibility plays a crucial role for economic policy, and it is, therefore, important to make the central ideas more accessible to a wider audience. The discussion will proceed through a series of steadily more realistic scenarios, culminating with a fixed-exchange rate system subject to periodic crises. We will be concerned with both the impact and the roots of imperfect credibility.
publishDate 1988
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