منابع مشابه
Competence Implies Credibility
The (reputation for) competence of a central bank at doing its job makes monetary policy under discretion credible and transparent. Based on its reading of the state of the economy, the central bank announces its policy intentions to the public in a cheap-talk game. The precision of its private signal measures its competence. The fineness of the equilibrium message space measures its credibilit...
متن کاملCompetence and Conservatism Shape the Transparency of Monetary Policy∗ (Competence Implies Credibility)
The credibility of monetary policy under discretion has been traditionally linked to the Central Bank’s conservatism. We show that another trait of the Central Bank (CB), her competence at doing her job, or reputation thereof, can be just as important to make her policy credible and transparent. Like conservatism, competence enhances the CB’s ability to successfully explain her intentions to th...
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The open nature of the World Wide Web makes evaluating webpage credibility challenging for users. In this paper, we aim to automatically assess web credibility by investigating various characteristics of webpages. Specifically, we first identify features from textual content, link structure, webpages design, as well as their social popularity learned from popular social media sites (e.g., Faceb...
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It is shown that any stabilizing, certainty equivalence control used within an adaptive control system, causes the familiar interconnection of a controlled process and associated output estimator to be detectable through the estimator's output error e p , for every frozen value of the index or parameter vector p upon which both the estimator and controller dynamics depend. The fact that certain...
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No single coherence strategy suits all applications well. Many promising adaptive protocols and coherence predictors, capable of dynamically modifying the coherence strategy, have been suggested over the years. While most dynamic detection schemes rely on plentiful of dedicated hardware, the customization technique suggested in this paper requires no extra hardware support for its per-applicati...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2007
ISSN: 0002-8282
DOI: 10.1257/aer.97.1.37