Monetary policy framework

• October 27, 2015

  Inflation Targeting—A Matter of Time

  Remarks Timothy Lane CFA Society Atlantic Canada Halifax, Nova Scotia

  Deputy Governor Tim Lane discusses monetary policy decision making and how the Bank assesses the underlying trend in inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Econometric and statistical methods, Exchange rates, Inflation and prices, Inflation targets, Monetary and financial indicators, Monetary policy framework

• A Comprehensive Evaluation of Measures of Core Inflation for Canada

  Staff Discussion Paper 2015-12 Mikael Khan, Louis Morel, Patrick Sabourin

  This paper evaluates the usefulness of various measures of core inflation for the conduct of monetary policy. Traditional exclusion-based measures of core inflation are found to perform relatively poorly across a range of evaluation criteria, in part due to their inability to filter unanticipated transitory shocks.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52

• Domestic and Multilateral Effects of Capital Controls in Emerging Markets

  Staff Working Paper 2015-37 Gurnain Pasricha, Matteo Falagiarda, Martin Bijsterbosch, Joshua Aizenman

  Using a novel data set on capital control actions in 17 emerging-market economies (EMEs) over the period 2001–11, we provide new evidence on domestic and multilateral (or spillover) effects of capital controls.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial system regulation and policies, International financial markets, International topics, Monetary policy framework JEL Code(s): F, F3, F32, F4, F41, F42, G, G1, G15
• October 12, 2015

  Integrating Financial Stability into Monetary Policy

  Remarks Stephen S. Poloz National Association for Business Economics Washington, D.C.

  Governor Poloz speaks about the Bank’s research agenda and how it supports efforts to integrate financial stability concerns into monetary policy.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Financial stability, Financial system regulation and policies, International topics, Monetary policy and uncertainty, Monetary policy framework

• The Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues

  Staff Discussion Paper 2015-8 Oleksiy Kryvtsov, Rhys R. Mendes

  Bank of Canada research done prior to the most recent renewal of the inflation-control agreement in 2011 concluded that the benefits associated with a target below 2 per cent were insufficient to justify the increased risk of being constrained by the zero lower bound (ZLB) on nominal interest rates.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation targets, Inflation: costs and benefits, Monetary policy framework JEL Code(s): E, E5, E52, E58