The Bank of Canada's Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?
December 1, 1997
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Summary
In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and 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.
Subject: 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
Pages:
20
Volume:
1997
DOI:
Issue:
171
Series:
Working Paper No. 1997/171
Stock No:
WPIEA1711997
ISBN:
9781451858464
ISSN:
1018-5941
