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Technical Reports

  1. The Goal of Price Stability: A Review of the Issues

    Technical Report No. 54 - Jack Selody

    The basic responsibility of a central bank is to preserve the value of money—that is, to maintain stability in the general level of prices. This report pulls together the main arguments for and against price stability as the appropriate goal for monetary policy. The available evidence suggests that the benefits of price stability are many [...]

    Topics: Inflation targets

  2. Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence

    Technical Report No. 53 - John Murray, Mark Zelmer, Shane Williamson

    When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has [...]

    Topics: Exchange rates
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