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The Bank of Canada's Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?

Brenda Gonzalez-Hermosillo and Takatoshi Ito ()

No 1997/171, IMF Working Papers from International Monetary Fund

Abstract: In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty. This paper examines the key issues associated with the recent changes in the Bank of Canada’s monetary policy framework and analyzes various indicators of central bank credibility.

Keywords: WP; inflation rate; overnight rate; central bank; Monetary Policy; Inflation Targeting; policy practice; rate of inflation; trading range; inflation expectation; reaction function; decision-making process; Inflation; Short term interest rates; Yield curve; Exchange rates; Global (search for similar items in EconPapers)
Pages: 20
Date: 1997-12-01
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Handle: RePEc:imf:imfwpa:1997/171