Flexible inflation forecast targeting: Evidence from Canada

Glenn D. Otto and Graham Voss

Canadian Journal of Economics, 2014, vol. 47, issue 2, 398-421

Abstract: We test whether the Bank of Canada pursues a flexible inflation forecast target, one that weights output growth as well as inflation. For the period 19962007, we find evidence that the Bank did effectively pursue such a target over the forecast horizon of 12 to 18 months. We find the relative weight that the Bank gives to output growth in its target to be positive and statistically significant within the range of 0.2 to 0.4.

JEL-codes: E31 E58 (search for similar items in EconPapers)
Date: 2014
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