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Bank of Canada RSS Feedsen2024-03-29T14:53:12+00:00The Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian Economy
https://www.bankofcanada.ca/2002/12/technical-report-no92/
In this report, we evaluate several simple monetary policy rules in twelve private and public sector models of the Canadian economy. Our results indicate that none of the simple policy rules we examined is robust to model uncertainty, in that no single rule performs well in all models.2002-12-01T09:30:17+00:00enThe Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian Economy2002-12-01Monetary policy and uncertaintyTechnical Report 92 https://www.bankofcanada.ca/wp-content/uploads/2010/01/tr92.pdfThe Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian EconomyDenise CôtéJohn KuszczakJean-Paul LamYing LiuPierre St-AmantDecember 2002EE5E52E58The Role of Simple Rules in the Conduct of Canadian Monetary Policy
https://www.bankofcanada.ca/wp-content/uploads/2010/06/cote_e.pdf
The third strategy employed by the Bank when dealing with uncertainty is the consideration of appropriate simple reaction functions or "rules" for the setting of the policy interest rate. Since John Taylor's presentation of his much-discussed rule, research on simple policy rules has exploded. Simple rules have several advantages. In particular, they are easy to construct and communicate and are believed by some to be robust, in the sense of generating good results in a variety of economic models.
This article provides an overview of the recent research regarding the usefulness and robustness of simple monetary policy rules, particularly in models of the Canadian economy. It also describes and explains the role of simple rules in the conduct of monetary policy in Canada.2002-08-18T10:03:44+00:00enThe Role of Simple Rules in the Conduct of Canadian Monetary Policy2002-08-18