NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Central bank Credibility Before and After the Crisis

Michael D. Bordo, Pierre L. Siklos

NBER Working Paper No. 21710
Issued in November 2015, Revised in July 2016

---- Acknowledgments ----

Part of the research for this paper was done while the second author was a National Fellow at the Hoover Institution and a Visiting Scholar at the University of Tasmania. An appendix to the paper is available on request. An earlier version of this paper was presented at the XVIII Annual Inflation Targeting seminar, Banco Central do Brasil, Rio de Janeiro (May 2016). Comments by José Renato Haas Ornelas are gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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