E52 - Monetary Policy - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T04:39:37+00:00A Survey of Consumer Expectations for Canada
https://www.bankofcanada.ca/wp-content/uploads/2015/11/boc-review-autumn15-gosselin.pdf
The Bank of Canada recently launched a quarterly survey to measure the expectations of Canadian households: the Canadian Survey of Consumer Expectations (CSCE). The data collected provide comprehensive information about consumer expectations for and uncertainty about inflation, the labour market and household finance. This article describes the CSCE and illustrates its potential to offer rich information about Canadian consumers for researchers and policy-makers.2015-11-19T10:45:11+00:00enA Survey of Consumer Expectations for Canada2015-11-19Measuring Durable Goods and Housing Prices in the CPI: An Empirical Assessment
https://www.bankofcanada.ca/wp-content/uploads/2015/11/boc-review-autumn15-sabourin.pdf
While the CPI is the most commonly used measure to track inflation, it is not fully consistent with a true cost-of-living index (COLI). Although the official treatment of durable goods and housing in the CPI represents an acceptable compromise in the current environment of low and stable inflation, Sabourin and Duguay suggest that it would be worthwhile to consider treating housing and durables in the same way and bringing the actual CPI closer to a COLI. This could be accomplished by employing an enhanced user-cost approach to calculate the imputed cost of the services provided by the use of durable goods or housing.2015-11-19T10:40:55+00:00enMeasuring Durable Goods and Housing Prices in the CPI: An Empirical Assessment2015-11-19The Effect of Regulatory Changes on Monetary Policy Implementation Frameworks
https://www.bankofcanada.ca/wp-content/uploads/2015/11/boc-review-autumn15-aaron.pdf
This article provides an analysis of some recent banking regulatory initiatives that are likely to influence the activities of financial intermediaries and the effectiveness of central bank monetary policy implementation frameworks. Although the effects of individual regulations can be anticipated in most cases, the combined regulatory impact is not yet clear. Central banks should, however, be able to accommodate the effects of the emerging regulatory environment within their existing policy implementation frameworks.2015-11-19T10:35:37+00:00enThe Effect of Regulatory Changes on Monetary Policy Implementation Frameworks2015-11-19Reputational Risk Management in Central Banks
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-16/
This paper discusses reputational risk in the context of central banking and explains why it matters to central banks. It begins with a general discussion of reputational risk within the broader framework of risk management.2015-11-17T09:42:54+00:00enReputational Risk Management in Central Banks2015-11-17CredibilityInternational topicsMonetary policy implementationStaff Discussion Paper 2015-16https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-16.pdfReputational Risk Management in Central BanksJill VardyNovember 2015EE5E52E58Forward Guidance at the Effective Lower Bound: International Experience
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-15/
Forward guidance is one of the policy tools that a central bank can implement if it seeks to provide additional monetary stimulus when it is operating at the effective lower bound (ELB) on interest rates. It became more widely used during and after the global financial crisis.2015-11-13T07:20:17+00:00enForward Guidance at the Effective Lower Bound: International Experience2015-11-13Monetary policy and uncertaintyMonetary policy communicationsMonetary policy frameworkMonetary policy implementationMonetary policy transmissionStaff Discussion Paper 2015-15https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-15.pdfForward Guidance at the Effective Lower Bound: International ExperienceKaryne B. CharbonneauLori RennisonNovember 2015EE4E43E5E52E58E6Quantitative Easing as a Policy Tool Under the Effective Lower Bound
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-14/
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB.2015-11-12T15:21:58+00:00enQuantitative Easing as a Policy Tool Under the Effective Lower Bound2015-11-12Central bank researchInternational topicsMonetary policy frameworkMonetary policy transmissionStaff Discussion Paper 2015-14https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-14.pdfQuantitative Easing as a Policy Tool Under the Effective Lower BoundAbeer RezaEric SantorLena SuchanekNovember 2015EE5E52E58E6E61E65NN1N10The International Experience with Negative Policy Rates
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-13/
A key issue in the renewal of the inflation-control agreement is the question of the appropriate level of the inflation target. Many observers have raised concerns that with the reduction in the neutral rate, and the experience of the recent financial crisis, the effective lower bound (ELB) is more likely to be binding in the future if inflation targets remain at 2 per cent.2015-11-12T13:05:13+00:00enThe International Experience with Negative Policy Rates2015-11-12Central bank researchFinancial marketsInternational topicsMonetary policy frameworkStaff Discussion Paper 2015-13 https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-13.pdfThe International Experience with Negative Policy RatesHarriet JacksonNovember 2015EE5E52E58E6E65A Comprehensive Evaluation of Measures of Core Inflation for Canada
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-12/
This paper evaluates the usefulness of various measures of core inflation for the conduct of monetary policy. Traditional exclusion-based measures of core inflation are found to perform relatively poorly across a range of evaluation criteria, in part due to their inability to filter unanticipated transitory shocks.2015-10-27T09:54:20+00:00enA Comprehensive Evaluation of Measures of Core Inflation for Canada2015-10-27Inflation and pricesMonetary policy frameworkDiscussion Paper 2015-12https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-12.pdfA Comprehensive Evaluation of Measures of Core Inflation for CanadaMikael KhanLouis MorelPatrick SabourinOctober 2015EE3E31E5E52Exchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-9/
In an open economy such as Canada’s, exchange rate movements can have a material impact on consumer prices. This is particularly important in the current context, with the significant depreciation of the Canadian dollar vis-a-vis the U.S. dollar since late 2012.2015-10-20T14:11:21+00:00enExchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence2015-10-20Exchange ratesInflation and pricesDiscussion Paper 2015-9https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-91.pdfExchange Rate Pass-Through to Consumer Prices: Theory and Recent EvidenceLaurence Savoie-ChabotMikael KhanOctober 2015EE3E31E5E52FF3F31The Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-8/
Bank of Canada research done prior to the most recent renewal of the inflation-control agreement in 2011 concluded that the benefits associated with a target below 2 per cent were insufficient to justify the increased risk of being constrained by the zero lower bound (ZLB) on nominal interest rates.2015-10-01T10:48:49+00:00enThe Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues2015-10-01Inflation targetsInflation: costs and benefitsMonetary policy frameworkDiscussion Paper 2015-8https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-8.pdfThe Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding IssuesOleksiy KryvtsovRhys R. MendesOctober 2015EE5E52E58