While disclosure rules like those mandated by the SEC are a positive development, the Year 2000 process itself is constantly evolving, so formal disclosures will almost certainly be months behind the marketplace in accessing the status of firms. Voluntary disclosure, therefore, must form an integral part of plans.
The research I have briefly described makes clear that a commitment to fighting inflation, low inflation expectations, and central bank independence all contribute to restraining inflation. Thus, it would be surprising if monetary credibility did not play a role, even if, because it cannot be directly measured, its specific contribution is hard to gauge.