Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of … switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private … agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period. As this …

inflation low and stable. The authors use the Bank of Canada’s 200203 price-setting survey data to investigate Canadian firms …. -- Inflation and prices ; Transmission of monetary policy …

relative merits of PLPT versus IT in Canada. -- Economic models ; Inflation: costs and benefits ; Inflation and prices …This paper compares the performance of simple inflation targeting (IT) and price-level path targeting (PLPT) rules to … stabilize the macroeconomy, in response to a series of shocks, similar to those seen in Canada and the United States over the …

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff … monetary policy in Canada. We show that it is crucial to take into account the break in the conduct of monetary policy caused … by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …

facto central bank independence. -- Central bank research ; Fiscal policy ; Inflation: costs and benefits …

policy uses the extra tool to support investment at the expense of higher inflation and output volatility. …

inflation such as the U.S. and Canada. For example, in Canada, a systematic review of the current inflation targeting framework … assessing the redistributional effects of inflation in Canada that arise through the revaluation of nominal assets and … effects of inflation. This omission is likely to be important since the welfare costs of inflation depend not only on …

In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly … measures of underlying inflation monitored by the Bank of Canada. … distort the signal in many other measures of underlying inflation, and appears to capture price movements that are indicative …