short‐run Fisher relationships. Applies them to the UK, USA, Canada and Japan, using 1978‐1997 monthly data and Eurocurrency … relationship for all four currencies in the long run; and for the UK and Japan but not for Canada in the short run, with …

In Canada, targeting the inflation rate was intended as a temporary measure on a journey to price-level stability, but …

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 … fall in the price level, while not accounting for the break leads to a permanent decrease in real GDP and a price puzzle …