The Implementation of Monetary Policy in Canada

Walter Engert, Toni Gravelle and Donna Howard

Discussion Papers from Bank of Canada

Abstract: The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market. Key features of the large-value payments system, which is integral to the implementation of monetary policy, are also explained. The authors then discuss in some detail the operating framework for the implementation of monetary policy. An assessment of the effectiveness of the Bank of Canada's framework is also provided, including an analysis of monetary policy implementation in the period of financial market stress beginning in August 2007.

Keywords: Financial institutions; Financial markets; Monetary policy implementation; Payment clearing and settlement systems (search for similar items in EconPapers)
JEL-codes: E52 E58 G21 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2008
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (16)

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