Price Stability, Inflation Targets and Monetary Policy

Table of contents

Introduction
Tiff Macklem

Session 1

The Intertemporal Nature of Information Conveyed by the Price System

Serge Coulombe

Discussion: Agathe Côté

Is the CPI a Suitable Measure for Defining Price Stability?

Allan Crawford, Jean-François Fillion, and Thérèse Laflèche

Discussion: Bohdan Schultz

Discussion: Benoît Carmichael

General Discussion

Session 2

Testing the Link Between Inflation and Growth

Steve Ambler and Emanuela Cardia

Discussion: Simon van Norden

Discussion: John W. Galbraith

General Discussion

Session 3

Non-Linearities in the Output-Inflation Relationship

Chantal Dupasquier and Nicholas Ricketts

Discussion: Nicholas Rowe

Testing for Downward Rigidity in Nominal Wage Rates

Allan Crawford and Alan Harrison

Discussion: Audra J. Bowlus

Discussion: Pierre Fortin

General Discussion

Session 4: Round Table

Background Paper:

The Monetary Frameworks of Four Inflation-Targeting Countries
Robert Lafrance

Inflation Targeting - The New Zealand Experience
Murray Sherwin

Inflation Targeting - The U.K. Experience
William A. Allen

Inflation Targeting - The Swedish Experience
Lars Heikensten

General Discussion

Session 5

On the Costs and Benefits of Price Stability

Richard Black, Donald Coletti, and Sophie Monnier

Discussion: Steven James

Discussion: Michael B. Devereux

General Discussion

Session 6

The Credibility of Monetary Policy: International Evidence Based on Surveys of Expected Inflation

David Johnson

Discussion: Graydon Paulin

Discussion: Victoria Miller

General Discussion

On Policy Rules for Price Stability
Richard Black, Tiff Macklem, and David Rose

Discussion: Gregor Smith

General Discussion

Wrap-Up Discussion

Discussion: W. Paul Jenkins

Discussion: Norman Cameron

Discussion: William Scarth

General Discussion

The Participants

Bank topic index:
Inflation targets, Credibility, Inflation: Costs and benefits, Inflation and prices, Labour markets