Stephen Murchison - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T14:34:54+00:00Price-Level Targeting and Relative-Price Shocks
https://www.bankofcanada.ca/wp-content/uploads/2010/09/murchison_summer10.pdf
Stephen Murchison reviews the findings of recent Bank of Canada research on the relative merits of inflation targeting and price-level targeting (PLT) for a small open economy, such as Canada's, that is susceptible to large and persistent terms-of-trade shocks.2010-08-19T08:33:40+00:00enPrice-Level Targeting and Relative-Price Shocks2010-08-19Monetary Policy Rules in an Uncertain Environment
https://www.bankofcanada.ca/wp-content/uploads/2010/06/cateau.pdf
This article examines recent research on the influence of various forms of economic uncertainty on the performance of different classes of monetary policy rules: from simple rules to fully optimal monetary policy under commitment. The authors explain why uncertainty matters in the design of monetary policy rules and provide quantitative examples from the recent literature. They also present results for several policy rules in ToTEM, the Bank of Canada's main model for projection and analysis, including rules that respond to price level, rather than to inflation.2010-03-09T11:07:20+00:00enMonetary Policy Rules in an Uncertain Environment2010-03-09