The Case for Price Stability, Then and Now: A Retrospective Note on John W. Crow's 1988 Eric J. Hanson Memorial Lecture

David Laidler ()

No 20081, University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers from University of Western Ontario, RBC Financial Group Economic Policy Research Institute

Abstract: John Crow's 1988 Hanson Lecture argued for making price stability the goal of Canada's monetary policy, but in the early 1990s, political and economic circumstances led policy makers to settle for a 2 percent inflation target instead. The recently instituted review of the Inflation Control Program has put price stability on the policy menu again, and the current relevance of Crow's 1988 case is assessed in the light of the past 20 years' experience.

Keywords: price stability; inflation targeting; Bank of Canada; monetary policy (search for similar items in EconPapers)
JEL-codes: E42 E58 E61 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-mon and nep-pke
Date: 2008

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