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Central Bank Credibility: Determinants and Measurement. A Cross-Country Study

Author

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  • Joanna Mackiewicz-Lyziak

    (Department of Macroeconomics and International Trade, Faculty of Economic Sciences, Warsaw University, Warsaw, Poland)

Abstract

This paper proposes a new measure of central bank credibility - the credibility index calculated on the basis of the key determinants of central bank credibility. The index is compiled for 9 countries: the Czech Republic, Hungary, Slovakia, Poland, Chile, Brazil, Turkey, United Kingdom and Sweden, for the years 1999-2007. The results are cross-checked with other credibility measures based on inflation expectations of two groups of economic agents. The analysis demonstrates that the credibility index may be considered a relevant and consistent credibility measure.

Suggested Citation

  • Joanna Mackiewicz-Lyziak, 2016. "Central Bank Credibility: Determinants and Measurement. A Cross-Country Study," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 66(1), pages 125-151, March.
    • Handle: RePEc:aka:aoecon:v:66:y:2016:i:1:p:125-151
    Note: I thank the two anonymous referees for their valuable comments and suggestions. Any remaining errors are my own.
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    Citations

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    Cited by:

    1. Baranowski, Paweł & Doryń, Wirginia & Łyziak, Tomasz & Stanisławska, Ewa, 2021. "Words and deeds in managing expectations: Empirical evidence from an inflation targeting economy," Economic Modelling, Elsevier, vol. 95(C), pages 49-67.
    2. Anuradha Patnaik, 2025. "Are inflation expectations anchored in India? A peek through the credibility lens," International Economics and Economic Policy, Springer, vol. 22(1), pages 1-23, February.
    3. Aslı Güler, 2021. "Does Monetary Policy Credibility Help in Anchoring Inflation Expectations? Evidence from Six Inflation Targeting Emerging Economies," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(1), pages 93-111.

    More about this item

    Keywords

    central bank; monetary policy; credibility; transparency;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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