The Role of Central Banks

Stephen Williamson

Canadian Public Policy, 2020, vol. 46, issue 2, 198-213

Abstract: The origins of central banking, in general, are examined, along with the specific origins of the Bank of Canada. A general policy framework is set out, in terms of goals, policy rules, and implementation, and the Bank of Canada's inflation targeting framework is evaluated. Alternatives to inflation targeting are considered, including price-level targeting, inflation averaging, nominal gross domestic product targeting, and a dual mandate. Monetary policy issues associated with persistent low real interest rates are discussed. The conclusion is that inflation targeting has been a success in Canada, and there are no obviously superior alternative approaches.

Keywords: central banking; macroeconomics; monetary policy (search for similar items in EconPapers)
Date: 2020
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