Credibility - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T09:30:27+00:00The 1975–78 Anti-Inflation Program in Retrospect
https://www.bankofcanada.ca/2005/12/working-paper-2005-43/
The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a seminar organized by the Bank of Canada to mark the AIP's 30th anniversary.2005-12-02T16:26:02+00:00enThe 1975–78 Anti-Inflation Program in Retrospect2005-12-02CredibilityFiscal policyInflation and pricesInflation targetsMonetary policy frameworkMonetary policy implementationWorking Paper 2005-43 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-43.pdfThe 1975–78 Anti-Inflation Program in RetrospectJohn SargentDecember 2005EE3E31E5E52E6E63E64E65Estimating the Impact of Monetary Policy Surprises on Fixed-Income Markets
https://www.bankofcanada.ca/wp-content/uploads/2010/06/andreou.pdf
In the interest of better understanding the impact of the Bank of Canada's policy actions on bond and bill yields, Andreou assesses the impact of policy-rate announcements on short and long bonds over the period 1996 to 2004. To aid the analysis, policy actions are decomposed into expected and surprise components. He also examines whether the introduction of fixed announcement dates (FADs) has affected these results, including markets' perceptions. The main finding is that unexpected policy actions by the Bank have a significant effect on market rates at the shorter end of the yield curve, with the effect dissipating as the maturity increases. A second finding, that the impact on longer-term interest rates of a surprise action by the Bank has diminished since the introduction of the FADs, suggests that the Bank's long-term policy goals are well understood and credible.2005-06-22T11:18:16+00:00enEstimating the Impact of Monetary Policy Surprises on Fixed-Income Markets2005-06-22