Monetary policy framework - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T16:01:30+00:00Has Exchange Rate Pass-Through Really Declined? Some Recent Insights from the Literature
https://www.bankofcanada.ca/wp-content/uploads/2010/11/bailliu.pdf
Building on an earlier Review article, the authors critically reassess the premise that exchange rate pass-through (ERPT) has declined in light of recent studies of the issue in the context of a dynamic stochastic general-equilibrium framework.2010-11-19T08:17:47+00:00enHas Exchange Rate Pass-Through Really Declined? Some Recent Insights from the Literature2010-11-19Monetary Policy and the Zero Bound on Nominal Interest Rates
https://www.bankofcanada.ca/wp-content/uploads/2010/09/amano_summer10.pdf
The recent financial crisis and global economic slowdown have renewed interest in monetary policy options when the policy interest rate is at or near zero.2010-08-19T08:34:00+00:00enMonetary Policy and the Zero Bound on Nominal Interest Rates2010-08-19Price-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 Shocks2010-08-19Should Monetary Policy Be Used to Counteract Financial Imbalances?
https://www.bankofcanada.ca/wp-content/uploads/2010/09/boivin_summer10.pdf
The authors examine whether monetary policy should and could do more to lean against financial imbalances (such as those associated with asset-price bubbles or unsustainable credit expansion) as they are building up, or whether its role should be limited to cleaning up the economic consequences as the imbalances unwind.2010-08-19T08:32:49+00:00enShould Monetary Policy Be Used to Counteract Financial Imbalances?2010-08-19Conference Summary: New Frontiers in Monetary Policy Design
https://www.bankofcanada.ca/wp-content/uploads/2010/09/devereux_summer10.pdf
Although the current inflation-targeting regime has served Canadians well, sound public policy demands the continuous exploration of possible improvements in the monetary policy framework.2010-08-19T08:31:09+00:00enConference Summary: New Frontiers in Monetary Policy Design2010-08-19Alternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real Rigidities
https://www.bankofcanada.ca/2010/03/working-paper-2010-9/
Inflation-targeting central banks around the world often state their inflation objectives with regard to the consumer price index (CPI). Yet the literature on optimal monetary policy based on models with nominal rigidities and more than one sector suggests that CPI inflation is not always the best choice from a social welfare perspective.2010-03-20T14:30:30+00:00enAlternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real Rigidities2010-03-20Inflation and pricesInflation targetsInflation: costs and benefitsMonetary policy frameworkMonetary policy implementationWorking Paper 2010-9https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp10-9.pdfAlternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real RigiditiesCarlos De ResendeAli DibMaral KichianMarch 2010EE4E5E52FF3F4Monetary 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 Environment2010-03-09Price Level Targeting: What Is the Right Price?
https://www.bankofcanada.ca/2010/02/working-paper-2010-8/
Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an important yet unanswered question: What is the optimal price index to target?2010-02-26T13:19:34+00:00enPrice Level Targeting: What Is the Right Price?2010-02-26Monetary policy frameworkWorking Paper 2010-8https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp10-8.pdfPrice Level Targeting: What Is the Right Price?Malik ShukayevAlexander UeberfeldtFebruary 2010EE3E32E5E52