Monetary Policy and the Economic Well-being of Canadians
Paul Jenkins and
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Paul Jenkins: Deputy Governor of the Bank of Canada
Brian O'Reilly: Deputy Chief, Research Department of the Bank of Canada
A chapter in The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s, 2001, vol. 1 from Centre for the Study of Living Standards
In this chapter, Paul Jenkins and Brian O'Reilly survey the monetary policy developments in the 1990s, focusing on links between monetary policy and the economic well-being of Canadians. The Bank of Canada economists do admit that tight monetary policy in the early 1990s hurt growth in the short-term, but they argue that such action was necessary to ratchet down entrenched inflationary expectations. Moreover, they argue that stagnation in the early part of the decade was not simply the result of monetary policy, but also reflected a weak US economy and structural problems in the Canadian economy.
Keywords: Monetary Policy; Inflation; Inflation Reduction; Inflation Policy; Growth; Recession; Well-being; Wellbeing; Well Being; Canada (search for similar items in EconPapers)
JEL-codes: E52 E63 E31 O51 O40 (search for similar items in EconPapers)
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