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Assessing the Credibility of Economic Policy: A Bayesian Approach Applied to France (1988-1993)
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Assessing the Credibility of Economic Policy: A Bayesian Approach Applied to France (1988-1993)

Author

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  • Tronzano, Marco

    (Università degli Studi di Genova, Dipartimento di Economia e Metodi Quantitativi)

Abstract

The theoretical framework developed in Baxter (1985) is adapted to test the credibility of French economic policy since the last EMS realignment. In line with findings from the target zone literature, a significant increase in credibility is documented for the 1988-1991 period; however, unlike the above literature, signifi¬cant credibility decreases are detected both before and during the recent EMS crisis. The final section of the paper extends Baxter’s testing strategy, and applies a Bayesian unit root test to French real public debt.

Suggested Citation

  • Tronzano, Marco, 1997. "Assessing the Credibility of Economic Policy: A Bayesian Approach Applied to France (1988-1993)," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 50(1), pages 117-148.
    • Handle: RePEc:ris:ecoint:0350
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