Список проголосовавших за комментарий "PivnoiBob, <p>«Our results show that the response of the interest rate to the expected inflation gap does not systematically<br/> vary over time (Table 5). In fact, a longer track record of consistent inflation targeting does not translate to<br/> smaller interest rate movements for similar expected deviation gaps. Table 5 shows that, although the<br/> coefficient is, as expected, negative, it is also quite small and not statistically significant, triggering the<br/> existence of what we label the credibility puzzle. This, so called, credibility puzzle holds under different<br/> configurations of fixed effects and regardless of whether we control years as IT linearly or through fixed<br/> effects.»</p><p>«In sum, our results show that the relationship between the policy rate and either time as an IT or different metrics of credibility anchoring goes in the expected direction but is not statistically significant.»</p><p><a href="/r.php?u=https%3A%2F%2Fwww.imf.org%2F-%2Fmedia%2Ffiles%2Fpublications%2Fwp%2F2025%2Fenglish%2Fwpiea2025079-print-pdf.pdf&s=2199794165">www.imf.org/-/media/files/publications/wp/2025/english/wpiea2025079-print-pdf.pdf</a></p><p> </p><p> </p>"