Central bank research - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T18:24:46+00:00The Market Impact of Forward-Looking Policy Statements: Transparency vs. Predictability
https://www.bankofcanada.ca/wp-content/uploads/2010/06/fay_gravelle.pdf
Central banks continuously strive to improve how they communicate to financial markets and the public in order to increase transparency. For this reason, many central banks have begun to include guidance on the policy rate in the form of forward-looking statements in their communications. This article examines the debate over the usefulness of providing such statements from both theoretical and empirical standpoints. The evidence presented here suggests that the use of forward-looking statements in Bank of Canada communications has made the Bank more predictable, but not necessarily more transparent.2008-11-11T13:59:44+00:00enThe Market Impact of Forward-Looking Policy Statements: Transparency vs. Predictability2008-11-11Conference Summary: International Experience with the Conduct of Monetary Policy under Inflation Targeting
https://www.bankofcanada.ca/wp-content/uploads/2010/06/maier.pdf
Central bankers from inflation-targeting and non-inflation-targeting countries around the world and several distinguished scholars assembled at the Bank of Canada in July 2008 to review the international experience in some detail. This article highlights topics covered in the special lectures and sessions, including how inflation targeting can manage external shocks, various ways in which monetary policy decisions are taken, and the issues of transparency and communications. It also reports on the discussion in the closing panel, which considered options for the future of inflation targeting.2008-11-11T13:48:28+00:00enConference Summary: International Experience with the Conduct of Monetary Policy under Inflation Targeting2008-11-11