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We examine the evolution of monetary policy rules in a group of inflation targeting countries (Australia, Canada, New … high inflation, such as in the UK or Australia at the beginning of the 1980s. Contrary to common wisdom, the response …
Persistent link: https://www.econbiz.de/10010322229
On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...
Persistent link: https://www.econbiz.de/10011710723
Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of 1980s, which was conducted to increase domestic...
Persistent link: https://www.econbiz.de/10014290883
,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent … performance are assessed. The most economically attractive among alternative monetary orders, the adoption by Canada of the US … politically attainable. Intermediate arrangements are unattractive and clearly inferior to Canada's current monetary order. …
Persistent link: https://www.econbiz.de/10011541166
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 …
Persistent link: https://www.econbiz.de/10011777945
three countries that adopted inflation targets in the early 1990s: The United Kingdom, Canada, and New Zealand. For all … in counter-inflationary conservatism. The results for Canada are less clear, perhaps reflecting the broader fiscal and …
Persistent link: https://www.econbiz.de/10009768267
Persistent link: https://www.econbiz.de/10011405135
Persistent link: https://www.econbiz.de/10012384446
The never ending debate on the optimal money elasticity and predictability, coupled with the recent wishes of the major central banks to normalize monetary policy, as well as to revise their best practices, motivate this paper. Its aim is to offer a review of the evolution of the modern concept...
Persistent link: https://www.econbiz.de/10014257290
Uncertainties associated with the informational content of real-time data and the impact of policy initiatives on expectations have been offered as rationales for gradualism in monetary policy. Our objective is to assess these potential explanations quantitatively. Focusing on inflation as the...
Persistent link: https://www.econbiz.de/10009320361