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In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...
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Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...
Persistent link: https://www.econbiz.de/10012947026
Australia, Canada and the euro area. SMPCs release individual members' recommendations. Their central banks do not. How much … individuals? We find little heterogeneity in preferences among committee members in Australia and Canada but not for the shadow …
Persistent link: https://www.econbiz.de/10012862550
financial innovations. These often led the Bank of Canada to revise existing simple sum monetary aggregates or create new ones …
Persistent link: https://www.econbiz.de/10014155493
. The MCI is a linear combination of interest rate and exchange rate changes. Canada and New Zeland are pioneers in its … for Canada and New Zealand are to illustrate similarities and differences in how the MCI, versus the underlying asset …
Persistent link: https://www.econbiz.de/10014142548
We study common features in the income velocity of money, income, and interest rates for Canada, the U.S., the U …
Persistent link: https://www.econbiz.de/10014068752
(Australia, Canada, and New Zealand) place somewhat different emphasis on inflation than on other factors (e.g., output gap). We …
Persistent link: https://www.econbiz.de/10014070530
The introduction of inflation targets in Canada in 1991 clarified the objectives of monetary policy. One of the … performance based on the Bank of Canada's record at achieving low and stable inflation. An obvious question then is to ascertain … assessment of the performance of the Bank of Canada." Tests, using daily interest rate and exchange rates and monthly inflation …
Persistent link: https://www.econbiz.de/10014076291