Flexible inflation forecast targeting: Evidence from Canada

We test whether the Bank of Canada pursues a flexible inflation forecast target, one that weights output growth as well as inflation. For the period 19962007, we find evidence that the Bank did effectively pursue such a target over the forecast horizon of 12 to 18 months. We find the relative weight that the Bank gives to output growth in its target to be positive and statistically significant within the range of 0.2 to 0.4.

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Year of publication:	2014
Authors:	Otto, Glenn D. ; Voss, Graham M.
Published in:	Canadian Journal of Economics. - Canadian Economics Association - CEA. - Vol. 47.2014, 2, p. 398-421
Publisher:	Canadian Economics Association - CEA

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Extent:	application/pdf
Type of publication:	Article
Notes:	Published
Classification:	E31 - Price Level; Inflation; Deflation ; E58 - Central Banks and Their Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010891627