issued currency on commercial banks in a historical setup. We use the opening of the Bank of Canada in 1935 as a natural …Central banks have been considering the introduction of central bank digital currencies (CBDCs). The theoretical … financial stability. To provide empirical evidence on this debate, we study the effects of the arrival of a new central-bank …

and communication in the inflation targeting framework grant the central bank greater short-run flexibility in pursuit of … to central bank behavior, and which interpretation of the strategy is consistent with that assessment. We identify five … three countries that adopted inflation targets in the early 1990s: The United Kingdom, Canada, and New Zealand. For all …