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Price-Level Uncertainty, Price-Level Targeting, and Nominal Debt Contracts
Many central banks around the world have embraced inflation targeting as a monetary policy framework. Interest is growing, however, in price-level targeting as an alternative. The choice of frameworks has important consequences for financial contracts, most of which are not fully indexed to the price level. Changes in the price level therefore lead to changes in the real value of contracts.Unexpected Inflation and Redistribution of Wealth in Canada
One of the most important arguments in favour of price stability is that unexpected inflation generates changes in the distribution of income and wealth among different economic agents. These redistributions occur because many loans are specified in fixed dollar terms and unexpected inflation redistributes wealth from creditors to debtors by reducing the real value of nominal assets and liabilities.Annual Report 2008
Monetary Policy Report Update – January 2009
The outlook for the global economy has deteriorated significantly since the October Monetary Policy Report. The financial crisis intensified last autumn and spilled over into an already weak global economy, which, in turn, put further strains on the financial system.
Erratum: In Table 1 Interest Rates, the column "Estimated variable mortgage rate" should read 5.65 per cent for 4 December 2007 not 5.25.
Business Outlook Survey - Winter 2008-09
Business sentiment has deteriorated markedly since the autumn survey, as the effects of the international financial crisis and the weak global economy intensified and spread to domestic demand. Almost all indicators are at their lowest level since the survey began in 1997.
Bank of Canada Review - Winter 2008-2009
Cover page
Chargex
The artefacts on the cover are part of the National Currency Collection of the Bank of Canada.
Photography by Gord Carter