The Bank of Canada's Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?
IMF Working Papers, December 1, 1997
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- The Bank of Canada's Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?
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Bibliographic details
- Authors: Takatoshi Ito, Brenda Gonzalez-Hermosillo
- Published: December 1, 1997
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451858464.001
Summary
- In recent years the Bank of Canada has made important changes in the way it conducts monetary policy.
- The bank has adopted explicit inflation targets.
- The bank introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty.
- This paper examines the key issues associated with the recent changes in the Bank of Canada’s monetary policy framework and analyzes various indicators of central bank credibility.
Major themes and analysis focus
- Examination of recent changes in the Bank of Canada’s monetary policy framework.
- Analysis of indicators of central bank credibility.
- Emphasis on transparency, market uncertainty, and institutional policy operations.
Subjects and keywords
- Subjects: Banking, Exchange rates, Financial services, Foreign exchange, Inflation, Inflation targeting, Monetary policy, Prices, Short term interest rates, Yield curve
- Keywords: central bank, decision-making process, Exchange rates, Global, Inflation, inflation expectation, inflation rate, Inflation Targeting, Monetary Policy, overnight rate, policy practice, rate of inflation, reaction function, Short term interest rates, trading range, WP, Yield curve