E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
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The Federal Reserve's Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United States
In the United States, the Federal Reserve has a dual mandate of promoting stable inflation and maximum employment. Since the Fed directly controls only one instrument - the federal funds rate - the authors argue that the Fed's priorities continuously alternate between inflation and economic activity. -
Regime Shifts in the Indicator Properties of Narrow Money in Canada
Financial innovations and the removal of the reserve requirements in the early 1990s have made the distinction between demand and notice deposits arbitrary. -
Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model
Suppose that the dynamics of the macroeconomy were given by (partly) random fluctuations between two equilibria: "good" and "bad." -
Money and Credit Factors
The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy. -
The 1975–78 Anti-Inflation Program in Retrospect
The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a seminar organized by the Bank of Canada to mark the AIP's 30th anniversary. -
Measurement Bias in the Canadian Consumer Price Index
The consumer price index (CPI) is the most commonly used measure of inflation in Canada. -
Quantity, Quality, and Relevance: Central Bank Research, 1990–2003
The authors document the research output of 34 central banks from 1990 to 2003, and use proxies of research inputs to measure the research productivity of central banks over this period. -
The Canadian Macroeconomy and the Yield Curve: An Equilibrium-Based Approach
The authors develop and estimate an equilibrium-based model of the Canadian term structure of interest rates. -
The Exchange Rate and Canadian Inflation Targeting
The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy.