Price Stability and the Long-Run Target for Monetary Policy

Introduction
Allan Crawford

Session 1: Downward Nominal-Wage Rigidity and the Phillips Curve at Low Inflation

Downward Nominal-Wage Rigidity: A Critical Assessment and Some New Evidence for Canada

Jean Farès and Thomas Lemieux

Discussion: Allan Crawford

Discussion: Wayne Simpson

General Discussion

What Happened to the Phillips Curve in the 1990s in Canada?

Paul Beaudry and Matthew Doyle

Discussion: Steven James

Discussion: Jeffrey Fuhrer

General Discussion

Session 2: Issues in the Design of Explicit Targets for Price Stability

When Is Price-Level Targeting a Good Idea?

Richard Barnett and Merwan Engineer

Discussion: Jean Boivin

General Discussion

Price-Level Targeting—The Role of Credibility

Dinah Maclean and Hope Pioro

Discussion: Jerzy D. Konieczny

General Discussion

Session 3: What Have We Learned About Price Stability?

Issues in Inflation Targeting

Frederic S. Mishkin

What Have We Learned About Price Stability?

Michael Parkin

Discussion: Peter Howitt

Discussion: W. Craig Riddell

General Discussion

The Participants

Bank topic index: Monetary Policy Framework