Canada paper on central bank credibility

The Bank of Canada Working Paper "Endogenous central bank credibility in a small forward-looking model of the U.S. economy" considers linkages between inflation and the economy's cyclical position, which are thought to be strongly affected by the credibility of monetary authorities.

The author, Rene Lalonde, complements existing research by estimating a small forward-looking model of the U.S. economy with endogenous central bank credibility. His work differs from the existing literature in

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