Monetary policy implementation

• Constraints on the Conduct of Canadian Monetary Policy in the 1990s: Dealing with Uncertainty in Financial Markets

  Technical Report No. 80 Kevin Clinton, Mark Zelmer

  Canada's economic performance in the first half of the 1990s was adversely affected by high premiums in interest rates that were brought on by political and economic uncertainties.

  Content Type(s): Staff research, Technical reports Topic(s): Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E5, E58

• Implementation of Monetary Policy in a Regime with Zero Reserve Requirements

  Staff Working Paper 1997-8 Kevin Clinton

  Monetary policy can be implemented effectively without reserve requirements as long as cost incentives ensure a predictable demand for settlement balances. A central bank can then achieve the level of short-term interest rates that it desires, using market-oriented instruments only.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy implementation JEL Code(s): E, E5, E52
• November 8, 1996

  Money markets and central bank operations: Conference summary

  Bank of Canada Review - Autumn 1996 Mark Zelmer

  This article summarizes the proceedings of a conference hosted by the Bank of Canada in November 1995. The conference examined the interaction between monetary policy operations and the money market. It provided an opportunity to assess current operations before the introduction of a large-value transfer system leads the Bank to change the techniques it uses to implement monetary policy on a day-to-day basis. From the Bank's perspective, the papers prepared externally provided some useful insights into recent innovations in money markets and their implications for the implementation of monetary policy. Meanwhile, the sessions devoted to the Bank's operations in financial markets were designed to provide market practitioners and academics with further insight into how the Bank operates in these markets.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary policy implementation
• August 9, 1995

  Uncertainty and the transmission of monetary policy in Canada (HERMES-Glendon Lecture)

  Bank of Canada Review - Summer 1995 Gordon Thiessen

  Gordon Thiessen, Governor of the Bank of Canada, delivered the HERMES-Glendon Lecture at York University, Toronto, in March 1995. The speech focussed on the interrelationships of uncertainty and the transmission of monetary policy to the economy. It looked at how the various types of uncertainty influence the behaviour of economic actors, and at how uncertainty affects the transmission of monetary policy through the economy. The first part of the lecture outlines the Bank of Canada's view of the transmission mechanism, with considerable attention paid to the role of uncertainty. In the second part, the various ways in which the Bank has tried to reduce uncertainty are discussed. The various kinds of uncertainty that impinge on the economy and on the policy process are addressed.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary policy implementation