Is Increased Credibility Stabilizing?
比较了公众知道货币政策不宽松与相信政策会宽松两种情况，发现在正向工资或价格冲击下，可信情况会导致产出立即下降更大但随后恢复更快。
Assuming that actual monetary policy is nonaccommodating in the face of po sitive wage or price shocks, this paper compares the case where the p ublic is aware that policy is nonaccommodating (the case ) with the case where the public believes that policy will be accommo dating (the case). The analysis is based on the model of J. B. Taylor (1979), extended to incorporate forward-looking cons umers. The main finding is that in the event of positive wage or pric e shocks, the credible case is likely to involve a larger immediate d rop in output than the noncredible case, followed by a faster recover y. Copyright 1988 by Ohio State University Press.