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8966 Results

Financial Structure and Economic Growth: A Non-Technical Survey

Staff Working Paper 2002-24 Veronika Dolar, Césaire Meh
There is a large body of literature that studies the relationship between financial structure (that is, the degree to which the financial system is either market- or intermediary-based) and long-run economic growth.

How to Improve Inflation Targeting at the Bank of Canada

Staff Working Paper 2002-23 Nicholas Rowe
This paper shows that if the Bank of Canada is optimally adjusting its monetary policy instrument in response to inflation indicators to target 2 per cent inflation at a two-year horizon, then deviations of inflation from 2 per cent represent the Bank's forecast errors, and should be uncorrelated with its information set, which includes two-year lagged values of the instrument and the indicators. Positive or negative correlations are evidence of systematic errors in monetary policy.
August 31, 2002

Macroeconomic Stabilization Policy in Canada

Remarks David Dodge Symposium sponsored by the Federal Reserve Bank of Kansas City Jackson Hole, Wyoming
What I propose to do on this panel today is to talk about stabilization policy and policy co-operation from the viewpoint of an industrial country that has a floating exchange rate and both an explicit inflation target for monetary policy and a clear objective for fiscal policy.
August 21, 2002

Monetary Policy and Uncertainty

Central banks must cope with considerable uncertainty about what will happen in the economy when formulating monetary policy. This article describes the different types of uncertainty that arise and looks at examples of uncertainty that the Bank has recently encountered. It then reviews the strategies employed by the Bank to deal with this problem. The other articles in this special issue focus on three of these major strategies.
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