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9409 Results

A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?

Staff Working Paper 2003-31 Nicholas Rowe, David Tulk
The authors evaluate whether an assortment of simple rules could improve how the Bank of Canada implements its inflation-targeting monetary policy. They focus on measuring the correlation between the deviations of inflation from the target and the lagged deviations of rule recommendations from the actual policy interest rate.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation targets, Monetary policy implementation JEL Code(s): E, E5

Are Wealth Effects Important for Canada?

Staff Working Paper 2003-30 Lise Pichette, Dominique Tremblay
The authors examine the link between consumption and disaggregate wealth in Canada. They use a vector-error-correction model in which permanent and transitory shocks are identified using the restrictions implied by cointegration proposed by King, Plosser, Stock, and Watson (1991) and Gonzalo and Granger (1995).
Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components JEL Code(s): C, C3, C32, E, E2, E21
April 12, 2007

Dealing with Uncertainty in the Conduct of Monetary Policy

Remarks Sheryl Kennedy Montréal CFA Society Montréal, Quebec
The main goal of monetary policy is to help the country achieve strong, sustainable economic performance, and, in doing so, to contribute to rising living standards for Canadians. Experience has shown that the best way for a central bank to meet this goal, given the instruments at its disposal, is by keeping inflation low and stable. Low and stable inflation increases confidence in the future value of money, and allows for clear price signals.
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