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A central bank, or monetary authority, is a monopolized and often nationalized institution given privileged control over the production and distribution of money and credit. In modern economies, the central bank is responsible for the formulation of monetary policy and the regulation of member banks.
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Central-bank credibility, reputation and inflation
Central banks have been around since the 67th century. Central bank credibility has waxed and waned during this period. In many countries, an important contributor to the achievement of credibility has been the introduction of inflation targeting.
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There is considerable evidence that inflation targeting improves central bank credibility over non inflation targeting monetary policy strategies that focus on maintaining low inflation (Walsh 7559). In the case of emerging countries the superiority of inflation targeting is clearer. Our empirical research reinforces these conclusions.