E52 - Monetary Policy - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T10:51:42+00:00Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting
https://www.bankofcanada.ca/2018/12/staff-working-paper-2018-61/
This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path.2018-12-19T08:47:46+00:00enLimited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting2018-12-19CredibilityInflation targetsMonetary policy frameworkStaff Working Paper 2018-61https://www.bankofcanada.ca/wp-content/uploads/2018/12/swp2018-61.pdfLimited Commitment, Endogenous Credibility and the Challenges of Price-level TargetingGino CateauMalik ShukayevDecember 2018EE3E31E5E52Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada
https://www.bankofcanada.ca/2018/12/staff-discussion-paper-2018-18/
In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks.2018-12-18T14:08:33+00:00enCredibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada2018-12-18CredibilityInflation targetsMonetary policyMonetary policy frameworkStaff Discussion Paper 2018-18https://www.bankofcanada.ca/wp-content/uploads/2018/12/sdp2018-18.pdfCredibility, Flexibility and Renewal: The Evolution of Inflation Targeting in CanadaThomas J. CarterRhys R. MendesLawrence L. SchembriDecember 2018EE5E52E58E6E61