The authors present a detailed discussion of the Bank of Canadas' framework for the implementation of monetary policy … implementation of monetary policy. An assessment of the effectiveness of the Bank of Canadas' framework is also provided, including …

initial values of the Lagrange multipliers representing policy in a timeless perspective, and different weights in the central-bank …

. -- central bank design ; monetary policy committee ; central bank board ; central bank council ; governance ; inflation …

-run stabilization cost to the central bank by explicitly taking into account the lagged effect of monetary policy. It turns out that, in … case without it. This result suggests that the central bank and/or the government should set a relatively high inflation …

significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross … the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that … but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In …

) outcomes. Although the literature tends to suggest that greater central bank transparency is desirable, our findings imply that … do a better job of stabilizing inflation around the target and output around trend. -- Central bank research ; Inflation …

Excessive inflation is usually attributed to the lack of central bank's credibility. In this context, most of the … literature considers transparency a means to establish central bank's credibility. The contribution of this paper is twofold …. First, it shows that, even in the absence of inflationary bias, a credible central bank may find it optimal to implement an …

To investigate the extent to which the transparency of the Bank of Canada’s monetary policy has improved, the authors … Bank communications, and in particular their reaction to the recent inclusion of forwardlooking policy-rate guidance in …, speeches by Governing Council members, significantly affect near-term interest rate expectations, indicating that central bank …